ACADIA Pharmaceuticals Inc. (ACAD), a biopharmaceutical company, has soared 21.80% in aftermarket trading session. Consequently, ACAD stock is trading at $23.63 at the time of the writing. On Monday, ACAD stock closed the day at $19.40 after gaining an increase of 3.25% during regular trading hours. The increase in ACAD stock could be attributed to the positive topline results from the phase 3 Lavender trial.
Why ACAD on a Rise?
On Monday, ACAD announced the positive topline results from the pivotal phase-3 Lavender study. The study highlighted the efficacy and safety of trofinetide in 187 girls and young women aged 5-20 years with Rett syndrome. The placebo-controlled study was conducted for 12 week period and it demonstrated significantly improved results over the placebo for both the co-primary endpoints. The change in the Rett Syndrome Behaviour Questionnaire (RSBQ) from baseline to week 12 was -5.1 vs. -1.7.
Q3 2021 Operational Results
On 8th November, ACAD released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated total revenue of $131.1 million during the period against $120.5 million for the same period of 2020. The total operating expenses for the period were $146.9 million against $206.4 million for the same period of 2020. The net loss suffered by the company during the three months was $14.4 million (or $0.09 per basic and diluted share) against $84.6 million (or $0.54 per basic and diluted share) for the same period of 2020.
Executive Commentary
Steve Davis, Chief Executive Officer of ACAD, while commenting on the results said that the company’s performance during the third quarter depicts the volume growth across all of the channels. Its strong relative performance highlights the ability of its commercial team to drive the sales of its products in challenging circumstances. He hoped that the company is looking forward to meeting some extremely important goals during the upcoming few weeks.
Future Outlook for ACAD
The last three months have seen ACAD stock surge more than 19%. That’s good news for the investors of Acadia because looking at the company appears to be well on track to success after a gruesome 12 month period, in which its stock value declined more than 60%. Potential investors should keep a close eye on the performance of ACAD stock during the upcoming months.
