Acadia Pharmaceuticals May Be Subject Of A Bidding War

ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) shares are trading higher by $2.94 (8.8 percent) at $39.01 in Monday's session.

After the close on Friday, rumors surfaced that up to four companies may be potential bidders for the company. Those mentioned were AstraZeneca plc (ADR) (NYSE: AZN), Teva Pharmaceutical Industries Ltd (ADR) (NASDAQ: TEVA), Biogen Inc (NASDAQ: BIIB) and Allergan plc Ordinary Shares (NYSE: AGN).

The rumors instigated a higher and after a brief retreat into the upper portion of Friday's range (Friday's high was $36.83) to $36.48, the rally continued in earnest. It has continued to make new highs for the day with the current one standing at $39.13. This marks the highest level for the issue since it peaked on November 30 at $39.41.