RTTNews | Jul 21, 2020 10:43AM EDT

10:43 Tuesday, July 21, 2020 (RTTNews.com) - ACADIA Pharmaceuticals Inc. (ACAD) shares are down more than 19 percent on Tuesday as its depression drug failed in a phase 3 study. The company said its Nuplazid or pimavanserin did not beat a placebo.

Further, the company said FDC accepted for filing the supplemental New Drug Application for Nuplazid for the treatment of hallucinations and delusions associated with dementia related psychosis.

The shares were down 12 percent on Monday as it reported disappointing results for its study evaluating pimavanserin in 298 patients. The study failed to achieve statistical significance on the primary endpoint.

ACAD is currently at $45.43, down 18.04 percent from its previous close of $55.42.

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