While Adamas Pharmaceuticals' Phase III trial of ADS-5102 for multiple sclerosis patients with walking impairment met the primary endpoint, the company noted the scale of clinical benefit was below expectations, William Blair analyst Tim Lugo tells investors in a research note. As a result, Adamas will not initiate the originally planned replicate second Phase III study and discuss a regulatory path forward with the FDA, the analyst adds. Lugo says that while decision to put the program on hold is disappointing, he's not attributed any value for it in his model. With an enterprise value of roughly $100M and expectations that Gocovri will continue to gain market traction in Parkinson's disease Levodopa-induced dyskinesia, shares of Adamas are undervalued, contends Lugo. He maintains an Outperform rating on the shares "despite an obviously weak recent performance."