Canaccord Reiterates Buy Rating on Acadia Pharmaceuticals (ACAD)

Canaccord analyst Sumant Kulkami reiterated a Buy rating and $32.00 price target on Acadia Pharmaceuticals (NASDAQ: ACAD).

The analyst commented: "ACAD reported its 1Q26 results after the close today (5/6). Nuplazid (pimavanserin, Parkinson's disease psychosis/PDP) sales were $166.9mn vs. us/consensus of $167.6mn/ $175.8mn. Nuplazid sales were affected by some patients taking longer to refill prescriptions (Rxs), which resolved later in the quarter. Daybue (trofinetide, Rett syndrome) sales of $101.2mn came in below us/consensus of $104.9mn/$104.3mn, but the company cited record shipments in 1Q26, and broader availability of a more convenient Daybue Stix (powder formulation), as positive factors. Importantly, ACAD maintained its 2026 outlook for Nuplazid and Daybue sales, which will be back-end-loaded. We will be watching quarterly performance closely as execution on Daybue/Nuplazid remains important to our thesis that is in part based on the stock being undervalued on approved products alone. With Phase 2 data on remlifanserin for Alzheimer's disease psychosis (ADP) still set for Aug-Oct 2026, there continues to be an underappreciated pipeline component to our thesis as well. Given remlifanserin's mechanism of action, and past trial results for pimavanserin in dementia-related psychosis (DRP), we view this asset as somewhat de-risked. At current levels, we do not see much in the stock for the pipeline, and like ACAD into this readout. Reiterate BUY."

For an analyst ratings summary and ratings history on Acadia Pharmaceuticals click here. For more ratings news on Acadia Pharmaceuticals click here.

Shares of Acadia Pharmaceuticals closed at $21.48 yesterday.

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