Canaccord Genuity reiterated a Buy recommendation on Acadia Pharmaceuticals and kept a $32.00 price target, saying the company appears undervalued if one considers its existing approved products. Acadia's shares were trading at $26.86 at the time of the note, a level that the firm says does not fully reflect either current product earnings or pipeline potential.
Valuation and revenue context
Canaccord emphasized that Acadia's marketed treatments - principally NUPLAZID and DAYBUE - drive a core valuation that looks attractive to investors. The research house noted the company projected roughly $1.7 billion in combined sales from those two products by 2028. That projection represents a substantial increase from Acadia's most recently reported annual revenue of $1.05 billion, which the company has said grew about 12.7% over the last twelve months.
In addition to the revenue trajectory, Canaccord called attention to Acadia's low PEG ratio of 0.18 as an indicator that the stock trades cheaply relative to its expected growth. InvestingPro Fair Value estimates were also cited as suggesting the shares may be undervalued at current market prices.
Pipeline and near-term catalysts
The firm argues that Acadia's pipeline is underappreciated by the market. Canaccord pointed to two upcoming clinical and regulatory milestones it views as potential catalysts: a CHMP opinion on DAYBUE in Europe expected in the first quarter of 2026, and Phase 2 RADIANT study readouts for remlifanserin in Alzheimer’s disease psychosis anticipated between August and October 2026.
While acknowledging the inherent uncertainties of neuropsychiatry trials, Canaccord said it is optimistic about remlifanserin. The firm referenced lessons from the Nuplazid experience and flagged a potentially more favorable dosing and safety profile in older patients as reasons for a constructive stance.
Product launches and company projections
Acadia itself has outlined a roadmap that underpins the analysts' views. The company has forecast approximately $1.7 billion in combined net sales by 2028, with NUPLAZID expected to contribute around $1.0 billion and DAYBUE roughly $700 million. Management also plans to introduce DAYBUE STIX - a powder formulation of trofinetide - in early 2026, following FDA approval. That formulation is described as dye- and preservative-free and offers customization of taste and volume, which the company says will provide additional flexibility for patients and caregivers.
Analyst landscape and recent adjustments
Other sell-side firms have recently updated their outlooks on Acadia. H.C. Wainwright increased its price target to $37 while maintaining a Buy rating and cited the DAYBUE STIX launch as a key upgrade for patients. Stifel moved its price target to $25 and maintained a Hold rating, observing that Acadia performed strongly in 2025 despite a setback in its Prader-Willi syndrome program. UBS trimmed its price target to $35 from $39 but kept a Buy rating and continued to list Acadia as a top idea for 2026, even after the Prader-Willi treatment failure.
Bottom line
From Canaccord's view, Acadia's current share price does not fully reflect the earnings power of its approved products nor the potential upside from pipeline developments and product launches. The timing of regulatory opinions and clinical readouts over the next year are key events that analysts flagged as likely to influence valuation.
Key points and risks are summarized below.