Acadia rises as brokerages raise stock PT on Daybue drug sales

Hanall Biopharma

14/07/2023 14:24

** Shares of biopharma co Acadia Pharmaceuticals Inc
 ACAD.O  rise 14.5% to $29.6 premarket 
    ** Late Thursday, co expanded licensing agreement with
Neuren Pharmaceuticals  NEU.AX  to acquire ex-North American
rights for brain disorder drug 
    ** The drug, trofinetide, was launched in the U.S. in April
2023 under the brand name Daybue
    ** ACAD also announced Daybue Q2 prelim net sales of $21 mln
to $23 mln vs analysts' estimates of ~$6 mln; sees Q3 net sales
of $45 mln to $55 mln for the drug 
    ** H.C. Wainwright says the expanded agreement and positive
U.S. net sales data may bolster trofinetide's footprint
globally; ups PT on ACAD to $33 from $28
    ** Daybue's impressive launch is largely due to the
faster-than-expected adoption rate in the prevalent Rett
population - TD Cowen
    ** At least 6 other brokerages raise PTs on ACAD, including
TD Cowen's $35 from $28 and Guggenheim's $35 from $25 
    ** As of last close, stock up ~62% this year

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))