|Acadia shares soar ahead of late-stage trial results|
|By Staff and Wire Reports|
|Saturday, 25 July 2009 11:37|
(Reuters) - Acadia Pharmaceuticals Inc (NASDAQ:ACAD) shares rose as much as 44 percent to a year-high on Friday, amid speculation of an imminent release of data from a late-stage trial of its experimental drug for psychosis brought on by Parkinson's disease.
Shares of the company closed at $3.41 Friday on Nasdaq. They had earlier touched a high of $3.75.
"The speculation appears to be related to results that are due in this quarter for Acadia's pivotal Phase III trial of pimavanserin," Jon Najarian, a founder of Web information site optionMonster.com, said.
The company declined to comment on the stock movement and reiterated that it would release the late-stage data in the third quarter.
Acadia is co-developing pimavanserin, which is currently being studied in two late-stage trials, with a unit of Biovail Corp (NYSE:BVF) for the treatment of Parkinson's disease psychosis (PDP).
In the options market, Acadia attracted a flurry of trading in the stock's call options, which give the right to buy the underlying shares at a fixed price within a specified time period.
In all, about 15,000 calls and 1,635 puts traded, on combined daily volume 19 times the norm, according to option analytics firm Trade Alert.
(Reporting by Doris Frankel in Chicago and Anand Basu in Bangalore; Editing by Anthony Kurian)