In its first quarter on the market, Acadia's Daybue brought in...

In its first quarter on the market, Acadia's Daybue brought in $21 million to $23 million in sales. Daybue is the only approved treatment for Rett syndrome, a rare genetic mutation that affects girls and causes impairments in speech as well as the ability to wake, eat and breathe easily. Analysts expected just $2.5 million in sales, according to SVB Securities analyst Marc Goodman.

Further, Acadia said it expanded its licensing agreement with Neuren Pharmaceuticals for the global rights to Daybue in Rett syndrome. The previous agreement only allowed Acadia to sell Daybue in North America. The new agreement could add $600 million to peak sales, Goodman said.

SVB's Goodman raised his price target on ACAD stock to 36 from 25. He maintained his outperform rating on shares. He notes the broad opportunity in Rett syndrome is "meaningful," There are about 6,000 to 9,000 Rett syndrome patients in the U.S. The disease is more prevalent in Europe, but less so in Japan.