Biopharmaceutical company Acadia Pharmaceuticals (NASDAQ:ACAD) plunged in pre-market trading after the company announced disappointing top-line results from the Phase 3 ADVANCE-2 trial evaluating pimavanserin. The company was evaluating pimavanserin for the treatment of negative symptoms of schizophrenia.
Acadia’s ADVANCE-2 trial was a 26-week double-blind, randomized, placebo-controlled trial in which 454 adult patients with predominantly negative symptoms of schizophrenia were administered 34 milligrams of pimavanserin.
Pimavanserin did not demonstrate a “statistically significant improvement over placebo” on the study’s primary endpoint in this trial. Pimavanserin’s safety and tolerability profile was consistent with previous clinical trials, showing a “low rate of adverse events.”
Is ACAD Stock a Good Buy?
Analysts remain bullish about ACAD stock with a Strong Buy consensus rating based on 13 Buys and four Holds. Over the past year, ACAD stock has soared by more than 20% and the average ACAD price target of $34.53 implies an upside potential of 43.1% at current levels.
