Why Acadia Pharmaceuticals Stock Climbed More Than 10% Wednesday
Acadia Pharmaceuticals (NASDAQ: ACAD), a mid-cap biotech company that focuses on neuroscience therapies, saw its shares rise 10.6% on Wednesday. The stock has been volatile, with a 52-week low of $15.68 and a 52-week high of $55.90, and is down more than 55% for the year.
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It was a classic bounce back, as a reaction to a possible overreaction. The stock lost nearly $5 on Tuesday, dropping from its high of $25.29 and going for as low as $20.84. The catalyst for the fall was the concern investors had over the decision Acadia announced after the market closed on Monday. It plans to resubmit its supplemental New Drug Application (sNDA) for Nuplazid (pimavanserin), as a treatment for hallucinations and delusions associated with dementia. The company said it planned the resubmission, based on clinical data, for the first quarter of next year.
Source Fool.com
