Very true, but something caused the spike today. Maybe just a rumor, which tripped the switch with the T/A crowd, and then the momo players piled on. Could be nothing more than that...we'll see if there's some announcement by the co. after hours.
You could be right, but looking out a year or so, time is on the longs' side. ACAD is sitting on a $1 bil+ asset that can be used in several psychiatric disorders. The drug is going to be approved by the FDA and also used off-label by hundreds of thousands of patients. There's no getting around this fact, and the big institutions (Bakers, Fidelity, Goldman, RA) know it.