After reviewing available data for other agents that act as 5HT2AR antagonists, Piper Jaffray analyst Danielle Brill is "incrementally more optimistic" that Acadia Pharmaceuticals' Nuplazid will at least demonstrate a trend of efficacy in the ongoing Phase 2 Clarity trial in major depressive disorder. The current share price around $21 reflects only the base business in Parkinson's disease psychosis, Brill tells investors in a research note. She adds that her $25 price target for Acadia shares does not include any value for major depressive disorder. As such, the analyst believes downside is "likely marginal" on the Phase 2 data while upside could be anywhere from 30%-45%. Brill is a buyer of Acadia ahead of the data and reiterates an Overweight rating on the shares with a $25 price target.