What Drove This Pharma's Heavy Options Activity?

Shares of Acadia Pharmaceuticals skyrocketed along with heavy options activity at the end of last week.

Acadia soared 31.15 percent to close Friday's regular session at $3.41 and jumped another 23.75 percent in after-hours trading. Total average volume for all options in the name is just 789 per day, but Friday saw 14,900 trades in calls alone.

The bulk of those contracts was a large spread trading 5,000 times between September 5 and 7.50 calls, according to OptionMonster's tracking systems.

The action was apparently driven by speculation over Acadia's pivotal Phase III trial of pimavanserin in patients with Parkinson's disease psychosis. Topline results from this trial are expected to be reported by the end of the third quarter, and this could be why the institiutional investor elected to play out in the September options.

The company also reports earnings results before the market opens Aug. 3 but, like most biopharmaceuticals, it's doubtful that anything but burn rate will be addressed in that release.

Acadia's options volume was 21 times average Friday, and the stock turnover was 7.7 times the normal level. Among the options, calls outnumber puts by more than 9 to 1.

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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.com.