Acadia Pharmaceuticals (ACAD) PT Raised to $36 at Canaccord
Canaccord analyst Sumant Kulkami raised the price target on Acadia Pharmaceuticals (NASDAQ: ACAD) to $36.00 (from $32.00) while maintaining a Buy rating.
The analyst commented: "This morning, ACAD announced that the Committee for Medicinal Products (CHMP) of the European Medicines Agency (EMA) adopted a positive opinion on ACAD's Daybu (trofinetide) for Rett syndrome; the product is already on the market as Daybue in the US. Recall the EMA had initially issued a negative trend vote on ACAD's pending marketing authorization application (MAA), and we had pointed to some risk on the company's request for a reexamination. So, we view this positive opinion, which paves the way for approval in Europe and presents patients with an option, as a nice plus for the stock. On the stock, we continue to note that execution on Nuplazid (pimavanserin, Parkinson's disease psychosis/PDP) and Daybue remains very important. We also note Daybu's pending approval in Europe strengthens our thesis on ACAD, which is based mainly on our view that the stock is undervalued largely on the basis of the company's approved products. We believe there is very little "in the stock" for the pipeline, so there is also an underappreciated pipeline component to our thesis. On this point, we are especially eager to see top-line data on remlifanserin for Alzheimer's disease psychosis (ADP) still set for Aug-Oct 2026. We view this asset as somewhat de-risked given remlifanserin's mechanism of action and past trial results for pimavanserin in dementia related psychosis (DRP). Reiterate BUY."