ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) is having a strong start to the trading session this morning after rumors broke surrounding the company. The rumors led to excitement which sent the stock toward the sky, prompting our partners at Trade Ideas to alert us to the gains. At the moment (10:30), ACAD is trading at $29.49 per share after a gain of $1.27 per share (4.50%) thus far today.
ACAD Gains On Takeover Rumor
As mentioned above, ACADIA is having a wonderful start to the trading session this morning as rumors circle social media. The rumor is that the company will soon be taken over. This is something that we’ve seen often surrounding ACAD recently. The rumor today doesn’t suggest who the buyer might be nor at what price. In fact, it’s overwhelmingly vague.
When trading on this type of news, it’s important to keep in mind that rumors are nothing new to the market. In fact, they happen all the time, with very few of them proving to be true. In this particular case, we believe the rumor lacks validity. First and foremost, this is about as vague as vague market rumors get. On top of that, we’ve seen a few rumors surrounding ACAD recently, none of them proving to be true. So, if you’re going to try and turn a profitable trade off of this move, please make sure to move with caution.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ACAD. In particular, we’re interested in following the rumors surrounding the potential takeover. While we don’t believe that these rumors are true, anything could happen in the market, and a takeover would yield incredible value for shareholders. We’ll continue to follow the story closely and bring the news to you as it breaks!
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