Acadia Pharmaceuticals Inc. (ACAD)

[Plegee]

Don't own at present but have been watching. I think the bottom is largely in, but still forming. $25 looks likely considering higher volume on down days than up days, current trend/price channel looks steadfast lower, biotech sector continues to be rejected; IBB hopefully can catch support at its 200 DMA, not much of an ASCO bump expected, possibly (?) still flushing out buyout rumors, money flow terrible, no real catalyst to run on at the moment.

Hope I am wrong, but I think we still go lower. If $25 holds, the worst is over. If it fails, $21 can enter into the discussion. Seems like all large and mid size biotechs are taking turns getting pounded. Have plenty of first hand experience at that, my portfolio (40% biotechs) has been getting whacked. Hope I am wrong and the biotechs get back on track, just don't see that happening yet. Could be a long upcoming biotech summer.