Acadia (ACAD) Dumping on News

Acadia Pharmaceuticals Inc. (ACAD) shares are down $10.33, or 23.57%, at $34.50 in the extended session Wednesday, after the biopharmaceutical company announced plans to submit its NUPLAZID NDA for the treatment of Parkinson’s disease psychosis in the second half of 2015. Acadia had previously planned to submit the NDA in the first quarter of 2015.

“We have concluded that additional time is needed to complete the readiness of our commercial manufacturing systems,” said in a statement Steve Davis, Interim Chief Executive Officer of Acadia. “While we are very disappointed with the change in timing, we believe that this is the prudent course of action to take.”

Separately, Acadia Pharmaceuticals today announced that Uli Hacksell, Ph.D., has retired as its Chief Executive Officer and resigned from its Board of Directors effective today. Steve Davis, Executive VP, CFO of Acadia, has been appointed as Interim CEO.

ACAD shares have advanced 41.26% in the last 4 weeks and 47.24% in the past three months. Over the past 5 trading sessions the stock has gained 20.29%. Shares of Acadia Pharmaceuticals are up 44.50% this year.

The chart below shows where the equity has traded over the last 52 weeks.

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