BofA lowered the firm’s price target on Acadia Pharmaceuticals to $30 from $33 and keeps a Neutral rating on the shares after the company reported that the phase 3 ADVANCE-2 trial evaluating pimavanserin in negative symptoms of schizophrenia, or NSS, did not meet the primary endpoint. Following the trial miss, the firm lowered its pipeline value to $1B from $1.4B, but says it was not surprised by the outcome given NSS has been difficult to treat and that the focus remains on the commercial performance of Daybue in Rett syndrome.
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