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Investing.com - Canaccord Genuity reiterated its Buy rating and $32.00 price target on Acadia Pharmaceuticals (NASDAQ:ACAD) following the company’s inaugural R&D Day held Wednesday.
The research firm expressed increased conviction that the stock remains undervalued based on its two currently approved products, Nuplazid for Parkinson’s disease psychosis and Daybue for Rett syndrome, with Acadia projecting eventual peak sales of $1.5-2.0 billion for these medications. The company’s strong financial position is evident in its healthy balance sheet, with InvestingPro analysis showing more cash than debt and a robust current ratio of 2.88x.
Canaccord noted that investors appear to be ascribing little to no value to Acadia’s pipeline, which the company believes could generate risk-adjusted peak sales of $2.5 billion, or unadjusted peak sales of $12 billion.
The pharmaceutical company expects five Phase 2 or 3 clinical trial results between the fourth quarter of 2025 and 2027, representing what Canaccord described as "significant amount of undervaluation gravy."
Acadia’s R&D Day presentation highlighted what Canaccord characterized as "an impressive neuro and rare disease-focused pipeline" targeting indications that present meaningful market opportunities.
In other recent news, Acadia Pharmaceuticals has been in the spotlight following its inaugural R&D Day. The company has announced plans to initiate seven late-stage clinical studies between 2025 and 2026, with five study readouts expected by 2027. Acadia’s commercial portfolio is anticipated to generate over $1 billion in net sales this year, with DAYBUE and NUPLAZID leading the charge. Analysts have shown mixed reactions; Goldman Sachs reiterated a Sell rating with a $15 price target, while Citizens JMP maintained a Market Outperform rating with a $37 price target. RBC Capital raised its price target from $26 to $38, citing a strong commercial-stage story and an emerging pipeline. Acadia’s partnership with Neuren Pharmaceuticals is also noteworthy, with expectations for European Medicines Agency approval for DAYBUE in early 2026. This approval could lead to additional royalty and milestone payments. The company remains focused on advancing treatments for conditions such as Alzheimer’s disease psychosis and major depressive disorder.
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