July 27, 2009 / 5:21 PM / 8 years ago

Acadia shares extend gains ahead of trial data for second day

July 27 (Reuters) - Acadia Pharmaceuticals Inc (ACAD.O) shares rallied for a second consecutive trading day, Monday, on continued speculation of sooner-than-expected results from a late-stage trial of its experimental drug for psychosis brought on by Parkinson’s disease.

Shares of the company were up $1.29 at $4.70 in heavy trading Monday on Nasdaq, after hitting a new year-high of $5.24 earlier in the session. They had risen 31 percent to $3.41 on Friday.

“The results are due this quarter but we believe the institutional trading in the shares and its options indicate the results will be out very soon,” a founder of Web information site optionMonster.com, Jon Najarian, 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).

JMP Securities analyst Charles Duncan, however, said that along with the upcoming Parkinson’s data, investors believe that the company could be acquired by another larger pharmaceutical or biotech company, including Biovail.

Acadia could not immediately be reached for comment.

On Friday, the company had declined to comment on that day’s stock movement, while maintaining that the late-stage data would be released in the third quarter. (Reporting by Doris Frankel in Chicago and Anand Basu in Bangalore; Editing by Anthony Kurian)

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