Acadia Falls Sharply in After-Hours Trading After Schizophrenia Drug Fails Study
Stock drops as Pimavanserin study finds no statistically significant improvement in adult schizophrenia patients.
iStock
Shares of Acadia Pharmaceuticals Inc. (ACAD) - Get Report fell sharply in after-hours trading Monday after the company said its supplemental treatment for schizophrenia failed to meet key benchmarks in a late phase trial.
Shares fell $3.43, or 13%, to $22.54 in recent after-hours trading.
The treatment, called Pimavanserin, "did not a achieve a statistically significant reduction" in symptoms in the phase 3 trial conducted with 396 patients, Acadia President Serge Stankovic said in a statement.
The company is continuing to evaluate the medication for other applications.
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