Acadia Continues Huge Rise Following FDA Panel Vote

Shares of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) were trading higher by more than 22 percent early Wednesday morning.

A U.S. Food and Drug Administration panel voted 12-2 on Tuesday that Acadia's drug pimavanserin, a treatment for psychosis associated with Parkinson's disease, outweighed the risks of treatment.

Acadia's stock surged on Monday after the FDA released its briefing documents ahead of Tuesday's panel hearing. Shares of Acadia were halted for trading throughout Tuesday's session and re-opened during the after-hours session following the FDA vote.

The FDA has also granted pimavanserin with a priority-review status and designated the drug as a breakthrough therapy. The company plans on marketing its product under the name Nuplazid.

Business Insider noted that the FDA still has to vote to approve the drug and a decision is expected by May 1.