Acadia Pharmaceuticals Inc. (ACAD)

[LasNubes]

Acadia Pharmaceuticals upgraded to buy at at Canaccord ahead of Nuplazid sNDA

Canaccord Genuity has upgraded Acadia Pharmaceuticals (ACAD +2.8%) to buy from hold citing the risk/reward presented by the company's sNDA for Nuplazid (pimavanserin) in Alzheimer's disease psychosis.

The firm upped its price target to $31 from $30 (~34% upside based on Tuesday's close).
Analyst Sumani Kulkarni said that the company's recent announcement that the U.S. FDA will hold an advisory committee and set an August action date for the sNDA is a positive.

He added that phase 2 ACP044 data for acute pain expected this quarter is "flying out investors' radar."

Kulkarni noted that Acadia (ACAD +2.8%) will submit an NDA for trofinetide mid-year for Rett syndrome, for which there is no FDA-approved therapy.