Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of ACADIA Pharmaceuticals (NASDAQ:ACAD) -- a clinical-stage biopharmaceutical company with a focus on central nervous system disorders -- skyrocketed as much as 32% after reporting data from its late-stage Parkinson's disease psychosis study with Pimavanserin.

So what: At the American Academy of Neurology annual meeting, ACADIA noted that Pimavanserin met the primary endpoint of the study by demonstrating "highly significant antipsychotic efficacy." Pimavanserin also met its secondary endpoint of motoric tolerability as measured by the Unified Parkinson's Disease Rating Scale, with the Pimavanserin arm demonstrating twice as much clinical global impression improvement as the control arm. The drug was well tolerated by patients, with urinary tract infections being the most common adverse event.

Now what: While it's impossible to tell if this will net Pimavanserin an approval from the FDA, I believe it undoubtedly gives the company enough fuel to file for a new drug application sometime in the next quarter or two. However, given the amazing run ACADIA's already had, I'm a bit leery about suggesting the stock could have further upside from here, and would patiently wait for the FDA panel’s review of Pimavanserin before picking a side.

Craving more input? Start by adding ACADIA Pharmaceuticals to your free and personalized watchlist so you can keep up on the latest news with the company.