JPMorgan analyst Cory Kasimov views the 15% pullback in shares of Acadia Pharmaceuticals after the Phase 3 study evaluating pimavanserin in schizophrenia patients who have an inadequate response to their current antipsychotic therapy trial missed on the primary endpoint as "somewhat overdone." The result, while disappointing, is not a major surprise, Kasimov tells investors in a research note. The interim analysis of the Phase 3 dementia-related psychosis study, anticipated later this year, is "far more important," contends the analyst. Given that the schizophrenia indication only represents $2 per share in his sum of the parts analysis, he believes a 5%-10% stock drop today would be more appropriate. Kasimov maintains an Overweight rating on Acadia.