ACADIA Pharmaceuticals fell 12.78% to $22.18 on Thursday after Goldman Sachs reiterated its sell rating and $17 price target, citing remlifanserin’s failure to meet the primary endpoint in a Phase 2 trial for Alzheimer’s disease psychosis.
ACADIA says the study will still proceed to Phase 3, though it may remove the 30-mg dose arm because it showed no efficacy improvement. The company plans to present detailed safety and efficacy results at the CTAD conference in Boston, Nov. 16–19, 2026. Remlifanserin is also being studied in a separate Phase 2 trial for psychosis in Lewy body dementia.
Citigroup kept a buy rating while cutting its price target to $33 from $40. BMO Capital retained an outperform rating, lowered its target to $34 and cut its estimate of remlifanserin’s success probability from 40% to 35%; it said the trial showed signals of potential activity, including stronger efficacy in patients with greater psychosis burden. Insider Monkey reported that 38 hedge funds held ACADIA in Q2, down from 39, while their combined holdings rose 13.67% to $1.58 billion; those figures predate the trial results.
