Oppenheimer Retains 'Perform' Rating for Acadia Pharmaceuticals Amid Study Results

Published 1 hours agoACAD

Oppenheimer Retains 'Perform' Rating for Acadia Pharmaceuticals Amid Study Results

Oppenheimer has reaffirmed its 'Perform' rating for Acadia Pharmaceuticals, setting a price target of $19. This update follows the recent outcomes from the Phase 3 ADVANCE-2 study regarding pimavanserin, intended for the treatment of schizophrenia negative symptoms, which did not achieve its primary goal.

As reported by Investing.com, Acadia Pharmaceuticals has decided to cease further development of pimavanserin for this indication. In response to these results, Acadia is realigning its focus on other strategic areas. This includes generating free cash flow from its existing medication, Nuplazid, successfully launching Daybue, and progressing ongoing trials targeting Alzheimer’s disease psychosis and Prader-Willi syndrome.

The company's strategy also involves pursuing new business development opportunities. These efforts aim to strengthen its market presence and leverage existing products to maintain growth despite the recent setback with pimavanserin.

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