Acadia Pharmaceuticals Inc. more than doubled in the shares’ biggest one-day increase ever after the company’s experimental treatment helped Parkinson’s disease patients with psychosis in a study.
Acadia rose to $5.43 at the close of New York trading, its largest jump since the stock began trading in May 2004. The shares have quadrupled in the past 12 months.
The drug, pimavanserin, met the primary goal of reducing psychotic symptoms in the late-stage study, the San Diego-based company said today in a statement. The most common side effects were urinary tract infections and falls, Acadia said.
Psychosis, which can include hallucinations and delusions, is common in patients with the advanced stages of Parkinson’s disease and there are no approved treatments for the condition, Acadia said. Pimavanserin is Acadia’s most advanced treatment in testing and would be the company’s first product on the market if approved.