Acadia Pharmaceuticals Slides as Investors Continue to Reprice Alzheimer’s Psychosis Program

Acadia Pharmaceuticals (ACAD) is down 22.8% today. Here is some analysis on what might have caused this price movement. ([ir.acadia.com](https://ir.acadia.com/news/news-details/2026/Acadia-Pharmaceuticals-Announces-Phase-3-Enabling-Topline-Results-from-Phase-2-RADIANT-Study-of-Remlifanserin-for-the-Treatment-of-Alzheimers-Disease-Psychosis-ADP/default.aspx?utm_source=openai))

Analysis: A clear same-day company announcement is hard to identify, so the selloff appears most likely tied to ongoing fallout from Acadia’s late-September remlifanserin data in Alzheimer’s disease psychosis, which missed the study’s primary endpoint and led to lower expectations for the program. This could also be because investors are giving more weight to analyst downgrades and reduced price targets that followed that readout, even though Acadia’s most recent quarterly revenue trends were solid. ([ir.acadia.com](https://ir.acadia.com/news/news-details/2026/Acadia-Pharmaceuticals-Announces-Phase-3-Enabling-Topline-Results-from-Phase-2-RADIANT-Study-of-Remlifanserin-for-the-Treatment-of-Alzheimers-Disease-Psychosis-ADP/default.aspx?utm_source=openai))

Details:

Acadia said its Phase 2 RADIANT study showed the 60 mg dose of remlifanserin improved the primary score more than placebo, but the result did not reach conventional statistical significance, with a p-value of 0.0603. ([ir.acadia.com](https://ir.acadia.com/news/news-details/2026/Acadia-Pharmaceuticals-Announces-Phase-3-Enabling-Topline-Results-from-Phase-2-RADIANT-Study-of-Remlifanserin-for-the-Treatment-of-Alzheimers-Disease-Psychosis-ADP/default.aspx?utm_source=openai))

The company still described the dataset as supportive of continued Phase 3 development and said more data would be presented at the November 17, 2026 CTAD meeting in Boston. ([ir.acadia.com](https://ir.acadia.com/news/news-details/2026/Acadia-Pharmaceuticals-Announces-Phase-3-Enabling-Topline-Results-from-Phase-2-RADIANT-Study-of-Remlifanserin-for-the-Treatment-of-Alzheimers-Disease-Psychosis-ADP/default.aspx?utm_source=openai))

After that readout, UBS downgraded ACAD to Neutral from Buy and cut its price target to $23, reflecting a more cautious view of the drug’s commercial outlook. ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/acadia-pharmaceuticals-shares-fall-ubs-185505675.html?utm_source=openai))

Acadia’s November 4, 2026 quarterly report showed revenue growth and a higher DAYBUE sales outlook, suggesting today’s weakness is more likely pipeline-related than driven by the core commercial business. ([acadia.com](https://acadia.com/en-us/media/news-releases/acadia-pharmaceuticals-reports-third-quarter-2026-financial-results?utm_source=openai))

Sources:

Acadia Pharmaceuticals, Yahoo Finance, Benzinga

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$ACAD Insider Trading Activity

$ACAD insiders have traded $ACAD stock on the open market 8 times in the past 6 months. Of those trades, 0 have been purchases and 8 have been sales.

Here’s a breakdown of recent trading of $ACAD stock by insiders over the last 6 months:

MARK C. SCHNEYER (EVP, CHIEF FINANCIAL OFFICER) has made 0 purchases and 4 sales selling 23,462 shares for an estimated $656,584.
ELIZABETH H.Z. THOMPSON (EVP, Head of Research & Dev) has made 0 purchases and 2 sales selling 16,558 shares for an estimated $432,662.
JAMES KIHARA (PRINCIPAL ACCOUNTING OFFICER) has made 0 purchases and 2 sales selling 16,822 shares for an estimated $412,305.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

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$ACAD Hedge Fund Activity

We have seen 180 institutional investors add shares of $ACAD stock to their portfolio, and 157 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

FIRST TRUST ADVISORS LP removed 3,159,482 shares (-94.5%) from their portfolio in Q2 2026, for an estimated $79,934,894
MARSHALL WACE, LLP added 1,688,651 shares (+2216.5%) to their portfolio in Q2 2026, for an estimated $42,722,870
PICTET ASSET MANAGEMENT HOLDING SA removed 1,640,112 shares (-82.7%) from their portfolio in Q3 2026, for an estimated $33,048,256
QUBE RESEARCH & TECHNOLOGIES LTD added 1,496,311 shares (+157.5%) to their portfolio in Q2 2026, for an estimated $37,856,668
TRAILS EDGE CAPITAL PARTNERS, LP removed 1,419,406 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $35,910,971
SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. added 1,206,336 shares (+inf%) to their portfolio in Q2 2026, for an estimated $30,520,300
GOLDMAN SACHS GROUP INC added 1,022,311 shares (+65.6%) to their portfolio in Q2 2026, for an estimated $25,864,468

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$ACAD Price Targets

Multiple analysts have issued price targets for $ACAD recently. We have seen 4 analysts offer price targets for $ACAD in the last 6 months, with a median target of $35.5.

Here are some recent targets:

Brian Abrahams from RBC Capital set a target price of $36.0 on 07/07/2026
Tazeen Ahmad from B of A Securities set a target price of $30.0 on 06/30/2026
Yigal Nochomovitz from Citigroup set a target price of $35.0 on 06/29/2026
Sumant Kulkarni from Canaccord Genuity set a target price of $36.0 on 06/29/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.