But if the study fails, investors shredded by Acadia's plummeting stock price will look back at the ATM sale and curse themselves for not heeding the warning. -- Reported by Adam Feuerstein in Boston. Follow @AdamFeuerstein
ACAD looks strong enough for a rally at least to the upper $30s.
Here are the activist investor's next potential targets.
The activist will gain $320 million on the sale, which suggests that the fund either doesn't believe a higher bidder is coming or that they need the cash.