the main reason is that management doesn't express specific plans for exUS. That again is their game plan to get the 7,500,000 incentive shares at a reasonable price. They do everything what's need to get the pps down. They sell shares, they delay international activities, they pretend the NDA filing takes long even without the need to run the -021 trial. You will see once the have the shares the baby will get sold quickly. So let's say the acquisition is $2B that means for the management $200M given the new incentive shares. That's not pocket change.
I would say that it's partially because of the run and because short term investors are off to the next thing while the longer term investors will take advantage and add to their positions. If you're playing Acadia then you're playing it for the longer term and for perhaps a conclusion such as an M&A IMO.
Up 70% on the last breakout. Profits being taken. Low buy interest at these levels,. Sellers got the reigns at the moment. Money rotating out of biotech/pharma after recent considerable highs. Potential buyers sensing shares will be available at lower price levels ---------- Just a few things possible factors.