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.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth