By Jon "DRJ" Najarian, co-founder of OptionMonster

Shares of Acadia Pharmaceuticals ( ACAD) skyrocketed along with heavy options activity at the end of last week.

Acadia soared 31.15% to close Friday's regular session at $3.41 and jumped another 23.75% in after-hours trading. Total average volume for all options in Acadia is just 789 a day, but Friday saw 14,900 trades in calls alone.

The bulk of those contracts was a large spread trading 5,000 times between September 5 and 7.50 calls, according to OptionMonster's tracking systems.

The action was apparently driven by speculation over Acadia's pivotal Phase III trial of pimavanserin in patients with Parkinson's disease psychosis. Top-line results from this trial are expected to be reported by the end of the third quarter, and this could be why the institutional investor elected to play out in the September options.

The company also reports earnings before the market opens Aug. 3, but, like most biopharmaceuticals, it's doubtful that anything but burn rate will be addressed in that release.

Acadia's options volume was 21 times average Friday, and the stock turnover was 7.7 times the normal level. Among the options, calls outnumber puts by more than nine to one.
At the time of publication, Najarian had no positions in the stocks mentioned.

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