July 24, 2009 / 8:00 PM / in 9 years

Acadia shares soar ahead of late-stage Parkinson's drug data

July 24 (Reuters) - Shares of Acadia Pharmaceuticals Inc (ACAD.O) soared 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 were up 71 cents at $3.31 in late afternoon trade 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.

Acadia is co-developing pimavanserin, which is currently being studied in two late-stage trials, with a unit of Biovail Corp BVF.TO BVF.N for the treatment of Parkinson’s disease psychosis (PDP). (Reporting by Doris Frankel in Chicago and Anand Basu in Bangalore; Editing by Anthony Kurian)

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