Acadia Pharmaceuticals price target lowered to $31 from $35 at RBC Capital

RBC Capital lowered the firm’s price target on Acadia Pharmaceuticals (ACAD) to $31 from $35 and keeps an Outperform rating on the shares. The negative CHMP trend vote on Daybue is disappointing and reduces the likelihood that Acadia can garner a potentially meaningful long-term revenue source, the analyst tells investors in a research note. However, with the company requesting a re-examination, CHMP having asked similar questions to other regulators which may be addressable, and the firm’s analysis showing 20% of negative CHMP opinions are eventually reversed, there may still be some possibility the drug can eventually get over the line, RBC added.