Aca­dia is mak­ing the best of it, but their lat­est PhI­II Nu­plazid study is a bust

Aca­dia’s late-stage pro­gram to widen the com­mer­cial prospects for Nu­plazid has hit a wall. The biotech re­port­ed that their Phase III EN­HANCE tri­al flat failed. And while they $ACAD did their best to cher­ry pick pos­i­tive da­ta wher­ev­er they can be found, this is a clear set­back for the biotech.

With close to 400 pa­tients en­rolled, re­searchers said the drug flunked the pri­ma­ry end­point as an ad­junc­tive ther­a­py for pa­tients with an in­ad­e­quate re­sponse to an­tipsy­chot­ic ther­a­py. The p-val­ue was an ug­ly 0.0940 on the Pos­i­tive and Neg­a­tive Syn­drome Scale, which the com­pa­ny called out as a pos­i­tive trend.

Their shares slid 12% on the news, good for a $426 mil­lion hit on a $3.7 bil­lion mar­ket cap at close.

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