Acadia Pharmaceuticals' (ACAD) topline data from its from its phase 3 trial of ACP-101 in Prader-Willi syndrome was a "clear failure across the board," Deutsche Bank said Thursday in a note.

The company has "no recourse for further development" after ACP-101, an intranasal formulation of carbetocin aimed at treating hyperphagia in Prader-Willi patients, failed to meet its primary efficacy endpoint, the note said.

Deutsche Bank cut its target on Acadia stock to $29 from $35 and maintained a buy rating.

Despite the setback, Acadia "remains well-positioned with growth" with its approved therapies Nuplazid for Parkinson's disease psychosis and Daybue for Rett syndrome, a rare genetic neurological disorder, the note said.

Acadia shares fell 0.3% in recent Thursday trading. They dropped 9.9% on Wednesday after the ACP-101 update.

Price: 21.19, Change: -0.07, Percent Change: -0.33