Jul. 20 at 7:19 PM
Mizuho reiterated
$ACAD Outperform-
$35 and said -- This morning, Acadia announced that the RADIANT Phase 2 trial of remlifanserin in Alzheimer's psychosis completed enrollment, largely in-line with the company's 1H26 timeline.
$BMY $AXSM NMRA
Mizuho added—Recall that the pace of the Phase 2 enrollment was set by Acadia's efforts to ensure inclusion of appropriate patients with biomarker-confirmed (amyloid plaque deposition) Alzheimer's disease.
With completion of enrollment, management now has greater visibility into the topline data timeline and narrowed their guidance from August-October to September-October, 2026.
At current levels, we view risk/reward as skewed significantly to the upside, as the stock appears to reflect less than a 10% probability of success for remlifanserin. Reiterate Outperform.
