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).

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.

TSLA is up 0.5% at $248.80, after CEO Elon Musk tweeted that the company's Model X will be available starting Sept. 29. The CEO didn't stop there, tweeting that production on the company's Model 3 will begin in "about two years." Tesla Motors Inc has been subjected to rather heavy put buying recently, and the stock is now running into double-barreled resistance at its 10-week and 20-week moving averages -- on the verge of a bearish cross in the $255 region.
MM is 29.5% higher at $1.74 this morning, after AOL -- now owned by Verizon Communications Inc. (NYSE:VZ) -- announced that it is going to purchase the mobile marketing firm for $1.75 per share (subscription required). Prior to today, Millennial Media, Inc. was in the red on a year-to-date basis, and has spent the past year-plus in the low single digits. Meanwhile, MM shorts were likely taken off-guard, as short interest represents nearly two weeks' worth of pent-up buying demand, at the stock's average pace of trading.

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