Leerink says while disappointed that Acadia Pharmaceuticals (ACAD)’ ACP-101 missed its primary endpoint, the firm had low expectations going into the readout, especially since it had already failed in one Phase 3 trial and showed mixed results in prior studies. The stock is down about $2.50 this morning, which is slightly greater than Leerink’s expectation that there was no more than $2/share in the stock for this program, the firm says. Despite the news, Leerink still likes the stock, expecting a solid performance in the base business, and believing there is minimal, if any, value for the pipeline at current levels. The firm has an Outperform rating on the shares.
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