Acadia Shares Sink on Failed Study

Acadia Pharmaceuticals (ACAD Quote) disclosed Monday that a midstage trial for schizophrenia drug ACP-104 didn't meet its primary or secondary endpoints.

Acadia's stock nearly halved, falling $4.15, or 49%, to open trading at $4.34.

The San Diego-based biopharmaceutical company said the phase IIb trial looked at two doses of the drug, neither of which were more effective than the placebo. "While we will thoroughly analyze the data to understand the outcome, we currently do not anticipate conducting further studies with ACP-104," said CEO Uli Hacksell in a company statement. ...