05:44 PM EDT, 03/11/2024 (MT Newswires) -- Acadia Pharmaceuticals ( ACAD ) shares fell 16% in after-hours trading after the company said Monday that pimavanserin failed to demonstrate significant improvement compared with placebo in a phase 3 study for the treatment of schizophrenia.

"Pimavanserin did not demonstrate a statistically significant improvement over placebo on the study's primary endpoint, the change from baseline to week 26," the company said.

"We do not intend to conduct any further clinical trials with pimavanserin," Acadia Pharmaceuticals ( ACAD ) Chief Executive Officer Steve Davis said.

Price: 20.25, Change: -3.88, Percent Change: -16.08