Street View: Acadia Pharma's approved neurological disorder drug in focus

Acadia Pharmaceuticals

12/03/2024 11:34

** Acadia Pharmaceuticals  ACAD.O  said late on Monday it
does not plan to conduct further studies testing its
antipsychotic drug, pimavanserin after it failed in a late-stage
study
    ** Shares of ACAD fell 14.6% to $20.60 premarket 
    ** The median PT of 21 brokerages covering the stock is $31 
    
    SHIFTS FOCUS BACK TO DAYBUE
    ** RBC Capital Markets ("outperform", PT: $30) says after
the pimavanserin setback, investors will now focus on Daybue,
ACAD's drug which is approved to treat a rare neurological
disorder called Rett syndrome
    ** "We believe (Daybue) remains central to ACAD's growth", 
RBC says 
    ** Canaccord Genuity ("buy", PT: $33) says there is some
investor skepticism for Daybue based on its side-effect profile,
but "we still like the longer-term opportunity...given it is the
only product approved for Rett at this time" 
    ** Needham ("buy", PT: $32) says brokerage rates the stock
"buy" due to the continued growth of Daybue, expects sales to
reach ~$650 mln in 2027  
    ** Citi ("buy/high risk", PT: $30.19) sees ~$605 mln in peak
sales for Daybue, says on-ground research with doctors suggests
near-term demand for the drug is still meaningful 
    
    

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))