JMP Securities lowered the firm’s price target on Acadia Pharmaceuticals to $39 from $44 and keeps an Outperform rating on the shares. Acadia on Monday announced that the Phase 3 ADVANCE-2 trial did not meet its primary endpoint, and while the company will continue to analyze data from the trial, it does not intend to conduct any additional trials with pimavanserin, focusing instead on its commercial franchises and emerging pipeline of next-generation pimavanserin, the analyst tells investors in a research note. The firm expects future development investment to focus on next-generation candidate ACP-204 and the broader pipeline.
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