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Investing.com - H.C. Wainwright maintained its Buy rating and $32.00 price target on Acadia Pharmaceuticals (NASDAQ:ACAD) stock on Friday. The target represents a significant upside from the current price of $22.21, with analyst targets ranging from $15 to $38. According to InvestingPro data, the company maintains a "GREAT" financial health score of 3.68.
The research firm’s decision followed Acadia’s inaugural Research and Development Day held Thursday, where the company presented its strategy to diversify its pipeline and expand into additional neurological and rare disease programs.
H.C. Wainwright noted that while these programs are in early clinical development stages, the mechanism of action of the drugs and early preclinical validation appear promising.
The firm specifically highlighted Acadia’s strategic approach of testing drugs in proof-of-concept trials for rapid go/no-go decisions, which it believes will benefit the company by allowing more efficient reprioritization of future pipeline programs and business development initiatives.
Despite the early-stage nature of these pipeline developments, H.C. Wainwright maintained its positive outlook on Acadia’s stock with the unchanged $32 price target. The stock has shown strong momentum with a 31% gain over the past six months. Get deeper insights and access to more financial metrics with InvestingPro, including exclusive ProTips and comprehensive analysis.
In other recent news, Acadia Pharmaceuticals has been the focus of several investment firms following its inaugural R&D Day. RBC Capital maintained its outperform rating on the company, highlighting its strong neuropsychiatric pipeline and potential for over $1 billion in sustainable annual revenue from existing products. BMO Capital also reiterated its outperform rating, noting the company’s development portfolio could add an unadjusted $12 billion in revenues beyond its current offerings. Canaccord Genuity echoed a similar sentiment, emphasizing the undervaluation of Acadia’s stock based on its approved products and potential pipeline sales.
On a different note, Goldman Sachs maintained a sell rating, citing a risk-unadjusted peak sales potential of $12 billion for Acadia’s pipeline but expressing caution regarding the company’s overall valuation. Meanwhile, Citizens JMP reiterated a market outperform rating, focusing on the broad and underappreciated pipeline that could drive long-term growth. Acadia’s management has indicated that combined revenue from its products, DAYBUE and NUPLAZID, is expected to exceed $1 billion this year. The company is anticipating multiple clinical trial results in the coming years, which could significantly impact its growth trajectory.
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