ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) is proving to be the big winner of the day. In fact, it may be the winner of the month on any percentage gain in a day. Its shares are up a whopping 200%, and it is not even on a buyout.
What is driving ACADIA shares is news that its antipsychotic drug called pimavanserin met its primary endpoint in slowing down Parkinson's disease in a pivotal late stage clinical trial.
The Phase III trial demonstrated a highly significant antipsychotic efficacy as measured using the nine-item SAPS-PD scale, and it also met the key secondary endpoint for motoric tolerability as measured using Parts II and III of the Unified Parkinson's Disease Rating Scale. In addition, these results were further supported by a highly significant improvement in the secondary efficacy measure by the Clinical Global Impression Improvement, and clinical benefits were observed in all exploratory efficacy measures with significant improvements in nighttime sleep, daytime wakefulness and caregiver burden. Pimavanserin was also safe and well tolerated in this Phase III trial.
This is not ACADIA's only drug trial nor is it the only target. It is still the farthest along in its drug pipeline. Other targets are the company's efforts in Schizophrenia, Alzheimer's, chronic pain and Glaucoma.
ACADIA shares are up a whopping 200% at $6.90 against a prior 52-week range of $0.93 to $3.06. Its market cap before this move was only $130 million.
JON C. OGG
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