Canaccord lowered the firm’s price target on Acadia Pharmaceuticals to $33 from $40 and keeps a Buy rating on the shares. The firm noted they announced that its ADVANCE-2 Phase 3 trial for pimavanserin in negative symptoms of schizophrenia (NSS) did not meet its primary endpoint. Canaccord believes investor expectations around pima working in NSS were somewhat low but they continue to like the stock due to valuation and its pipeline.
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