Canaccord reiterates Acadia Pharmaceuticals stock rating on products

Canaccord Genuity has reaffirmed its Buy rating and $36.00 price target for Acadia Pharmaceuticals (NASDAQ:ACAD) shares, highlighting the company's undervaluation based on its approved products, Nuplazid and Daybue/Daybu. The firm's optimistic outlook stems from the commercial execution and pipeline of products targeting several large indications, which are currently underappreciated by investors.

Acadia's stock has seen a 28.6% return over the past six months and is trading near its 52-week high of $30.96. The company is preparing for a major clinical milestone with the Phase 2/3 RADIANT trial for remlifanserin, a 5-HT2A inverse agonist, expected to deliver top-line data from September/October 2026. Acadia's remlifanserin is viewed as somewhat de-risked due to a mechanism of action similar to pimavanserin, which showed solid results in dementia-related psychosis trials.

Recent regulatory approvals, such as the European Commission's approval of DAYBU for Rett syndrome treatment, have boosted investor confidence. Notably, H.C. Wainwright and RBC Capital have also raised their price targets for Acadia, citing strong sales of Daybue and increased optimism about remlifanserin's potential success. Analysts believe Acadia's products could generate $1.7 billion in sales by 2028.