Cantor Fitzgerald analyst Charles Duncan reiterates an Overweight rating on Acadia Pharmaceuticals with a $30 price target. Although the six-week Phase 3 Enhance study showed a "consistent, provocative" trend in the improvement of psychotic symptoms, it failed to achieve statistical significance across both the primary and key secondary endpoints, Duncan tells investors in a research note. Despite failing to show statistical significance across the sample overall, the non-small European sub-group of patients achieved statistical significant across both endpoints with clear effect sizes that increase conviction that this was a failed trial, not a failed drug, says Duncan. He looks forward to Acadia's Phase 3 Harmony and Phase 2 Advance studies that should read out by the end of 2019.