BofA/Merrill analyst Tazeen Ahmad raised her price target for Acadia Pharmaceuticals to $48 from $31 after the company reported positive interim data from the Phase 3 Harmony study of pimavanserin in dementia-related psychosis. The stock in late morning trading is up 66%, or $15.78, to $39.58. Dementia-related psychosis, with a large addressable population of 1.2M patients and no approved treatments available, is a significant driver for Acadia shares, Ahmad tells investors in a research note. The analyst increased her likelihood of success for the indication to 65% from 40%, with a projected launch in 2021, following today's data. Ahmad reiterates a Buy rating on Acadia Pharmaceuticals.