ACAD Stock Tumbles Today: Analysts Weigh RADIANT Results, Cut Price Targets

• According to The Fly, Needham lowered its price target to $35 from $41, and Deutsche Bank cut its target to $31 from $38, with both maintaining 'Buy' ratings.
• BMO Capital lowered its target to $34 from $36, and Citizens cut its target to $33 from $36, while maintaining 'Outperform' ratings.
• Acadia said the 60 mg dose narrowly missed the RADIANT primary endpoint but achieved nominal statistical significance on the key secondary endpoint, and the company is continuing the Phase 3 program.

Acadia Pharmaceuticals (ACAD) stock was in focus Friday after multiple analysts lowered their price targets following topline results from the Phase 2 portion of the RADIANT program evaluating Remlifanserin in Alzheimer's disease psychosis.

ACAD shares were down 5% at the time of writing on Friday.

Analysts Slash Their Price Targets On ACAD 

Needham analyst Ami Fadia lowered the firm's price target on Acadia to $35 from $41 while maintaining a 'Buy' rating, according to The Fly. The firm is updating its model following the RADIANT results, which it said failed to meet the primary endpoint for either dose, but showed meaningful results in a post-hoc analysis of a subgroup representing about 80% of patients with higher baseline severity. 

Needham is also lowering the modeled probability of success for Remlifanserin in both Alzheimer's Disease Psychosis and Lewy Body Dementia Psychosis and pushing its estimated launch timeline out by one year, Fadia said.

Deutsche Bank analyst David Hoang lowered the firm's price target to $31 from $38 while maintaining a 'Buy' rating, according to TheFly. Following the RADIANT topline data, Hoang said the higher 60 mg dose narrowly missed statistical significance. The analyst added that the firm was not surprised by the stock's move and viewed the roughly $23 intraday share price as a 'valuation floor,' while saying Remlifanserin and Acadia's broader pipeline are not reflected in the stock at current levels.

BMO Capital lowered its price target to $34 from $36 while maintaining an 'Outperform' rating, according to The Fly. The firm said the RADIANT miss represents a near-term headwind for the shares but that future development remains promising. BMO also said investors should not discount the potential for Remlifanserin to succeed in both Alzheimer's Disease Psychosis and Lewy Body Dementia Psychosis.

Citizens lowered its price target to $33 from $36 while maintaining an 'Outperform' rating, according to The Fly. The firm said the RADIANT Phase 2 trial narrowly missed its primary endpoint at the higher dose but showed nominally significant secondary outcomes. Citizens said the efficacy signal and optimized trial design leave room for optimism around the ongoing Phase 3 program.

What Happened In The RADIANT Study?

RADIANT is Acadia's global Phase 2/3 clinical program evaluating Remlifanserin for hallucinations and delusions associated with Alzheimer's disease psychosis. The Phase 2 portion evaluated 30 mg and 60 mg once-daily doses against placebo for efficacy, safety, and tolerability.

The 60 mg dose narrowly missed statistical significance on the primary SAPS-H+D endpoint, with a p-value of 0.0603, but demonstrated nominal statistical significance on the key secondary Clinical Global Impression – Severity(CGI-S-ADP) endpoint, with a p-value of 0.0077. Acadia said the results showed meaningful and consistent efficacy trends across endpoints and reported a favorable safety and tolerability profile with no new safety signals.

Acadia plans to continue enrolling its two ongoing Phase 3 studies evaluating Remlifanserin in Alzheimer's disease psychosis, while removing the 30 mg dose from the Phase 3 program. Separately, Remlifanserin is being evaluated in a Phase 2 study for Lewy body dementia psychosis.

Retail View On ACAD

On Stocktwits, retail sentiment toward ACAD stayed ‘Bullish’ over the past 24 hours amid high message volume.

ACAD shares have declined more than 23% year-to-date.

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