Acadia Pharmaceuticals price target lowered to $30.19 from $38 at Citi

Citi lowered the firm’s price target on Acadia Pharmaceuticals to $30.19 from $38 and keeps a Buy rating on the shares. The company announced negative results for the Phase 3 ADVANCE-2 trial of pimavanserin in negative symptoms of schizophrenia, the analyst tells investors in a research note. The firm says the study was a clean miss with no discernible separation of drug from placebo, “marking yet another asset failure in this very challenging indication.” Citi says its expectations were low heading into the data. It continues to believe investor expectations for the Daybue launch in Rett syndrome have moved too low and would remain buyers at current stock levels.