Canaccord Genuity analyst Sumant Kulkarni upgraded Acadia Pharmaceuticals to Buy from Hold with a price target of $31, up from $30. The company recently announced that the FDA granted an action date of August 4 for its resubmitted supplemental new drug application for Nuplazid for Alzheimer’s disease pyschosis, Kulkarni tells investors in a research note. The analyst is “encouraged” by the FDA choosing to issue an action date and allowing for an advisory panel for Acadia to make its case. With the stock not far from where it was when Acadia received the original complete response letter, Kulkarni likes the risk/reward going into the Nuplazid decision.