Leerink Partners analyst Marc Goodman has reiterated their bullish stance on ACAD stock, giving a Buy rating on February 28.
Marc Goodman has given his Buy rating due to a combination of factors including ACADIA Pharmaceuticals’ recent quarterly performance and the company’s outlook for the coming year. The fourth quarter of 2023 results demonstrated resilience, albeit the guidance for 2024 was somewhat below expectations, particularly in the first quarter. Management’s explanations for these figures were convincing, and their confidence in a robust recovery, as evidenced by their full-year sales guidance, played a key role in the positive rating.
Despite a slight decrease in expected peak U.S. sales for Daybue and an uptick in anticipated R&D and SG&A expenses, ACADIA’s solid performance in the last quarter and respectable guidance for 2024 suggest continued growth potential. This is especially noteworthy for Nuplazid and Daybue, with the latter expected to maintain its growth trajectory due to strong new patient starts, persistency, and compliance rates. Goodman’s assessment reflects careful consideration of the company’s financials, market position, and management’s strategic direction, thus supporting the Buy rating with a revised price target.
In another report released on February 28, Canaccord Genuity also maintained a Buy rating on the stock with a $40.00 price target.
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Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ACAD in relation to earlier this year.
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ACADIA Pharmaceuticals (ACAD) Company Description:
ACADIA Pharmaceuticals, Inc. operates as a biopharmaceutical company focused on the development and commercialization of medicines to address unmet medical needs in central nervous system, or CNS, disorders. The firms product include Nuplazid, which is used for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. The company was founded by Mark R. Brann on July 16, 1993 and is headquartered in San Diego, CA.
Read More on ACAD:
- Acadia Pharmaceuticals should be bought on weakness, says Mizuho
- Australian Stocks: Neuren’s (NEU) Daybue Sales Fail to Impress, Shares Plunge
- Acadia Pharmaceuticals provides FY24 product sales guidance
- Acadia Pharmaceuticals reports Q4 EPS 28c, consensus 30c
- ACADIA Pharmaceuticals Inc. (ACAD) Q4 Earnings Cheat Sheet
