Acadia Pharmaceuticals price target lowered to $27 from $33 at H.C. Wainwright

H.C. Wainwright analyst Andrew Fein lowered the firm’s price target on Acadia Pharmaceuticals to $27 from $33 and keeps a Buy rating on the shares post the Q1 report. The analyst says nominal efficacy in a prior Phase 3 trial, where the effect was maintained for 56 weeks, with tolerable side effects, makes ACP101 “interesting,” the analyst tells investors in a research note. The firm believes ACP-101, if it succeeds, might help the growth momentum of Acadia. Given the challenges with the discontinuation rate of Daybue, the firm revisited its Daybue penetration assumptions and lowered the overall slope of the penetration.