Acadia Pharma's stock falls 15% after failed drug trial
By Claudia Assis
Shares of Acadia Pharmaceuticals Inc. dropped 15% in the extended session Monday after one of the pharma company's drugs failed to meet goals of a late-stage trial about a schizophrenia treatment.
Acadia's (ACAD) pimavanserin, marketed as Nuplazid, did not demonstrate a statistically significant improvement over a placebo in treating some symptoms of schizophrenia, the company said.
The drug has been around for decades and is FDA-approved to treat hallucinations and delusions associated with Parkinson's disease psychosis.
"We are disappointed the trial did not meet its primary endpoint given the significant unmet need in patients with negative symptoms of schizophrenia," Acadia Chief Executive Steve Davis said in a statement.
The company will continue to analyze data from the study but it doesn't plan on conducting more clinical trials with pimavanserin, it said.
Shares of Acadia have gained around 18% in the past 12 months, compared with gains of about 33% for the S&P 500 index SPX.
-Claudia Assis
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
03-11-24 2017ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom