ACADIA (ACAD) Upgraded to Buy After Recent Pullback

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) ranks among the most profitable biotech stocks to buy now. On March 25, BofA Securities raised ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) to Buy from Neutral, retaining a $29 price objective. The firm stated that the nearly 25% drop in the share price recently was due to year-to-date macroeconomic factors rather than fundamentals.

The firm stated that consistent Nuplazid sales in Parkinson’s psychosis give protection against future decline. BofA Securities estimates $888 million in peak sales in 2029, which may be modest, given recent field force investments that could boost growth.

According to BofA Securities, ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) estimates that its pipeline has a $11 billion opportunity, which is currently discounted and may offer upside. The firm added that phase 2 data for remlifanserin in Alzheimer’s psychosis is anticipated in August–October and is partially de-risked based on previous Nuplazid psychosis basket trial results. The firm forecasts $2.1 billion in nominal peak sales for 2038, with a 40% chance of success in Alzheimer’s psychosis.

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system disorders. It targets unmet medical needs in areas such as Parkinson’s disease, psychosis, schizophrenia, and rare neurological conditions.

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