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Acadia Pharmaceuticals Soars to Record Highs: Were You in Line When it Was Time to Buy?

by Nico Isaac
Updated: June 03, 2020

I'm Nico Isaac and THIS is chart of the day.

Acadia Pharmaceuticals Soars to Record Highs: Were You in Line When it Was Time to Buy?

This chart of midcap drug maker Acadia Pharmaceuticals captures the company's fist-pumping rally that pushed prices to lifetime highs on May 20th.

A recent Motley Fool article celebrated the biotech company, as one of its top THREE stocks to quote "buy NOW!", and said Acadia quote "continues to shine" after posting a 43% increase in year-over-year first quarter sales.

For traders, this message may feel cold to the touch. Wouldn't the time to buy Acadia have been in the spring or summer of 2019, before prices rocketed 50% to record highs?

Yes... but at that time, the mainstream news surrounding Acadia did not foretell a "shiny" future. First, this May 2 San Diego Tribune revealed that the company's first-quarter 2019 earnings losses were 40% below the previous year.

And second, Acadia was under a U.S. Department of Justice investigation into the safety of the company's flagship drug Nuplazid.

It would've been hard to see the company's upside potential amidst the sludge of scandal and setbacks.

Hard, yes.

Impossible... No!

See, more than a year ago, the April 25, 2019 Trader's Classroom identified a significantly bullish Elliott wave set-up on Acadia's price chart. Editor Jeffrey Kennedy drew a long arrow higher and said the stock's future was hot, SCALDING hot:

"This thing could take off... and we go through the roof. If I'm right in my larger, overall assessment, we're going to see ACAD continue higher and higher. It's going to take some time, and there's going to be plenty of opportunity to join that larger uptrend I believe is forthcoming... ideally something beyond this [51.99] level at some point."

200603 - IMG

From there, ACAD did just that... soaring from near 24 in late April to near 53 in early December.

Then... the madness of February-March 2020 came when the pandemic pandemonium ravaged stocks.

It was, as Jeffrey Kennedy described, a quote "crazy time that scared the hell out of investors."

Knowing the environment ahead could be chaotic, Jeffrey laid out clear ground rules on how subscribers could manage risk moving forward in his March 3, 2020 Trader's Classroom. There, Jeffrey showed a version of this chart and stressed that the rally should resume so long as wave 4 stayed above the wave 1 high.

If so, then traders should look for Acadia to continue higher quote "after the dust settles."

And even when price did continue to fall, the March 16 wave 4 low remained above the wave 1 high. From there, ACAD resumed its uptrend back into Jeffrey's target area.

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