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Investing.com - BMO Capital maintained its Outperform rating and $28.00 price target on Acadia Pharmaceuticals (NASDAQ:ACAD), a $3.02 billion market cap pharmaceutical company, following disappointing clinical trial results.
The pharmaceutical company’s Phase 3 COMPASS trial of ACP-101 failed to demonstrate statistically significant benefits for patients with Prader-Willi Syndrome compared to placebo on the primary endpoint, which measured change in HQ-CT from baseline.
The trial showed no separation from placebo across any key secondary endpoints, leading Acadia’s management to discontinue development of ACP-101 for Prader-Willi Syndrome.
BMO Capital analyst Evan David Seigerman described the trial failure as "a meaningful step back in Acadia’s R&D development plans."
The analyst noted that the lack of previous dose response had likely tempered expectations for success, and predicted ACAD shares would decline following these results.
In other recent news, Soleno Therapeutics has been in the spotlight due to several developments. The company received attention after Acadia Pharmaceuticals announced the failure of its Phase 3 trial for a Prader-Willi syndrome treatment, leading to Soleno’s stock gaining traction. Despite concerns over a patient death linked to Soleno’s Vykat XR, TD Cowen has maintained its Buy rating with a $120.00 price target, noting the successful launch of Vykat XR has exceeded expectations. Stifel also reiterated its Buy rating and $118.00 price target, emphasizing that the death was likely unrelated to the medication due to the patient’s existing health conditions. Baird has kept its Outperform rating with a $121.00 price target following an update to the FDA Adverse Event Reporting System, which included the reported death. TD Cowen remains confident in the company’s outlook, despite the recent safety events reported in the FAERS database. These developments continue to shape investor perspectives on Soleno Therapeutics.
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