Acadia Pharmaceuticals price target lowered to $32 from $36 at Needham

Needham lowered the firm’s price target on Acadia Pharmaceuticals to $32 from $36 and keeps a Buy rating on the shares. The firm is removing the negative symptoms of schizophrenia indication from its model after the company’s announcement that the second Phase 3 study failed to meet the primary endpoint, the analyst tells investors in a research note. Needham’s positive stance on the stock remains the continued growth of Daybue, for which the fundamentals remain strong, based on the management commentary on recovery of trends in February and persistency rates remaining at about 10% above the clinical trial experience, the firm added.