Acadia Pharmaceuticals price target lowered to $19 from $25 at Oppenheimer

Oppenheimer analyst Jay Olson lowered the firm’s price target on Acadia Pharmaceuticals to $19 from $25 and keeps a Perform rating on the shares. The Phase 3 ADVANCE-2 study of pimavanserin vs. pbo in schizophrenia negative symptoms missed its primary endpoint of NSA-16 score change at 26 weeks; a disappointment for pimavanserin as it joins many other treatment candidates that failed in SNS, the firm says. Acadia plans no further development of pimavanserin so Oppenheimer is removing the SNS opportunity from its model. The firm now expects Acadia to optimize free cash flow generation with Nuplazid, execute on Daybue launch, continue ADP and PWS trials, and further pursue BD deals.