Acadia Pharmaceuticals (ACAD) PT Lowered to $34 at Needham & Company Following Nuplazid Schizophrenia Miss

Needham & Company analyst Alan Carr lowered the price target on Acadia Pharmaceuticals (NASDAQ: ACAD) to $34.00 (from $40.00) while maintaining a Buy rating.

Carr comments, "Acadia announced yesterday that the Phase 3 ENHANCE trial of Nuplazid in Schizophrenia pts w/ inadequate response to current treatment did not meet the primary endpt (PANSS). No additional development is planned and we have removed this subset of Schizophrenia patients from our model. We note, however, that a statistically significant effect was observed on negative symptoms. This is consistent w/ data from a Phase 2 trial completed in 2007 and may be a favorable indicator for the ongoing Phase 3 ADVANCE trial in Schizophrenia pts w/ negative symptoms. Results from this trial are expected YE19. We have a slight bias towards a positive outcome. Our view towards label expansion into Dementia Psychosis and Depression, which are also being tested in Phase 3 trials, is unch. BUY, but reducing target to $34 (was $40)."

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