Jun. 24 at 5:09 PM
RBC Capital, on June 23,⬆️the PT on
$ACAD to
$38 from
$26 and reiterated at an Outperform
$AZN $NVS $AXSM PTCT RARE JAZZ
$SLNO RYTM AARD
RBC Capital said in its note, "
$ACAD represents a solid commercial-stage story with an emerging pipeline, with a meaningful recent Nuplazid IP win providing a high likelihood of cash flow sustainability and commercial tailwinds of late suggesting some continued Nuplazid growth and Daybue stabilization prospects.
Maturing commercial franchises, exposure to macro/policy issues (IRA, MFN), and higher risk to the next pipeline catalyst ('101 for PWS) add some complexity to the setup, but with the scarcity value of
$1B + annual revenue from existing products now likely sustainable well into the next decade and at a <
$4B cap, stock looks fundamentally undervalued and any pipeline contribution is likely all upside."
