Acadia Pharmaceuticals price target lowered to $30 from $35 at RBC Capital

RBC Capital analyst Gregory Renza lowered the firm’s price target on Acadia Pharmaceuticals to $30 from $35 and keeps an Outperform rating on the shares. The failed phase 3 study for Pimavanserin in schizophrenia-negative symptoms likely spells the end to any expansion hopes for Nuplazid and any 2020’s revenue boost, thus turning the page back to the Daybue launch and the potentially under-explored pipeline for new sources of value, the analyst tells investors in a research note. RBC adds it is fully removing any contributions of Nuplazid expansion from its model, recasting the company revenue trajectory through the 2020’s and returning focus back to Rett syndrome, the current state of Parkinson’s Disease Psychosis, and the pipeline buildout for longer-term value.