A Big Win with Positive CHMP; Story Still Underappreciated

研报英文原文证据摘录

A Big Win with Positive CHMP; Story Still Underappreciated

Biotechnology - Neuroscience

FLASH

FLASH: ACADIA PHARMACEUTICALS INC. (ACAD) June 26, 2026

A Big Win with Positive CHMP; Story Still Rating:

Underappreciated Outperform

Price:

Bottom line: Few investors expected an EU win for Rett syndrome, making the $23.72

CHMP's positive opinion all the more compelling. Europe provides a meaningful Price Target:

$33and underappreciated near-term growth driver, adding a new floor for the stock. % Upside:

We expect strong momentum to continue into the Phase 2 ADP readout (Aug- 39.1%

Oct), which we believe has a decent chance of working. With most investors still

Source: FactSet, Wolfe Research

skeptical on the ADP readout, the risk-reward remains favorable. Priced as of 06/25/26

●What happened: Acadia Pharmaceuticals announced that the CHMP has now

issued a positive opinion for trofinetide following a re-examination procedure,

recommending marketing authorization for the treatment of neurobehavioral

symptoms of Rett syndrome in adults and pediatric patients aged five years

and older. If approved by the European Commission, it would become the Rudy Li

first treatment available in the EU specifically targeting the neurobehavioral rli@wolferesearch.com

symptoms of Rett syndrome. (646) 582-9375 View Rudy’s Research

View ACAD Model

●History of the EU Setback: View Comp Table

○February 2, 2026 – Negative Trend Vote: Acadia announced it had

been orally informed of a negative trend vote on the trofinetide

application, essentially meaning the CHMP was likely to recommend

against approving the therapy.

○Februry 26, 2026– Formal Negative Opinion: The CHMP formally

adopted a negative opinion on trofinetide for Rett syndrome patients aged