ACADAcadia Pharmaceuticals Inc.
Options Analysis Report•PHARMACEUTICAL PREPARATIONS
Market Cap $3.8B|NASDAQ
● 2026-05-15$22.09
BULLISH
Analysis: 2026-05-14 EOD data
1Y +25.5%YTD -16.0%7D -1.4%
Options Vol
64
30D
Implied Move
±8.6%
IV Rank
46%
ACAD Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.7
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 72.1% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.71x — IV premium over HV
Sector Relative≤50%
Sector percentile 47% — below sector median
Term Structure
<1.1xFront/Back 0.68x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 60.2% — normal range
Spread-Adjusted Value
<80%Effective IV 176.9% (ATM 60.2% + spread 58.3% + bias) — expensive
Execution Efficiency
<3.0%Total drag 69.95% (spread 58.34% + slippage 11.61%) — high friction
Vega Efficiency
≥5.0Vega efficiency 1.12 (vega 6.543 / spread 58.34%) — spread drag
Sentiment
Bullish or bearish?
6.9
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Strong signal (Conviction: +22%, Raw: +13%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +22% (bullish) — Raw: +13%
OI Skew Magnitude
≥15%|OI skew| 32.0% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +21.9%, OI skew +32.0% — aligned
Conviction Quality
≥2/3 conditions0-DTE 22%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +0%, ATM: -18%, OTM: +68% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 56% — bearish vs sector
Activity
Unusual activity?
2.2
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.2x avg — normal
Turnover Rate
≥15%Vol/OI 0.4% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +0.8% (5d) — stable
Sector Relative≥60%
Sector activity percentile 17% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 34% — patient
Flow Conviction
≥30Conviction +22 (bullish) — mixed
Liquidity
Can I trade efficiently?
2.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 58.3% — wide
Adequate OI
≥10,000OI 15,025 — adequate
Active Volume
≥500Volume 64/day — thin
Reasonable Cost
≤$0.50$2.92 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 78% — wider than sector
Order Book Depth
≥100 contractsDepth 138.60000000000002 contracts (bid:69.2 ask:69.4) — adequate
Execution Quality
<1.0%Avg slippage 11.61% — poor
Timing
Is now a good time?
6.6
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -31.6% — contango
IV Percentile Clarity
<30 or >70IV percentile 72% — seller opportunity
Event Detection
≥10pts kinkIV kink -13.4pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 674.54 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +22% @ 61% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.1
bullishIV expensive, bullish flow
Long Puts3.8
bearishIV expensive, bullish flow
Premium Sellers
Cash-Secured Put6.0
bullishIV rich premium, bullish flow
Covered Call4.5
bearishIV rich premium, bullish flow
For educational purposes only. Not investment advice.