BofA Securities Lifts ACADIA Pharmaceuticals Inc. (ACAD)’s Price Target To $23, Maintains Neutral Rating

BofA Securities analysts on Wednesday lifted ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s price target to $23 from $18, while maintaining a Neutral rating for its shares.

BofA Securities Lifts ACADIA Pharmaceuticals Inc. (ACAD)'s Price Target To $23, Maintains Neutral Rating

A research scientist looking through a microscope in a lab, symbolizing the biopharmaceutical company’s innovative approach to medical treatments.

The stock has had an impressive run over the past month, gaining 46% during the period, with a major spike following the May 16 ruling by the Delaware District Court that secured patent protection for its NUPLAZID 34 mg capsule formulation until 2038.

Analysts expect the verdict to end a long-term revenue concern for ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s NUPLAZID franchise, which currently accounts for a significant chunk of the company’s overall revenue.

Moreover, BofA analysts also noted that further growth for ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) hinges a lot on the reacceleration of the DAYBUE launch, despite delivering promising results in the first quarter.

In May, the company expanded DAYBUE’s field force by 30%, with the benefits of the increase likely to appear during the second half of the year.

BofA’s overall analysis reflects growth potential, while also highlighting the uncertainties surrounding the future trajectory of some of the company’s products.

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) is a biopharmaceutical company that develops and commercializes treatments for medical needs in the central nervous system and other rare diseases.

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Disclosure: None.