Buzz Stocks: ACADIA, Tesla Motors, and Millennial Media

Today's stocks to watch include ACADIA Pharmaceuticals Inc. (ACAD), Tesla Motors Inc (TSLA), and Millennial Media, Inc. (MM)

Sep 3, 2015 at 10:31 AM
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The Dow is higher this morning, as it makes a run at a second straight positive session. Among the equities in focus are drugmaker ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), automaker Tesla Motors Inc (NASDAQ:TSLA), and mobile advertiser Millennial Media, Inc. (NYSE:MM).

  1. ACAD is 10.4% higher at $42.01, after the pharmaceutical firm submitted a new drug application to the U.S. Food and Drug Administration for NUPLAZID -- a treatment for psychosis associated with Parkinson's. According to newly minted CEO Steve Davis, NUPLAZID "holds promise for patients with Parkinson's disease psychosis who currently have no FDA-approved treatment options." ACAD has now advanced roughly 32.5% in 2015, and is trading above its 10-week trendline for the first time since late July. Despite this performance, short interest is high, with 17% of the equity's float sold short. It would take roughly 8.5 days to exhaust this surplus of shorted shares, at ACADIA Pharmaceuticals Inc.'s average pace of trading, so we could see the shares enjoy a short-covering rally.

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