ACADAcadia Pharmaceuticals Inc.
Options Analysis Report•PHARMACEUTICAL PREPARATIONS
Market Cap $3.6B|NASDAQ
● 2026-06-12$21.09
BULLISH
Analysis: 2026-06-11 EOD data
1Y -2.9%YTD -19.8%7D -2.2%
Options Vol
71
30D
Implied Move
±8.6%
IV Rank
34%
ACAD Options Overview
IV is elevated with bullish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.0
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks3/9 checks passed
IV Rank
≤35%IV Rank 73.6% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 2.01x — IV premium over HV
Sector Relative≤50%
Sector percentile 50% — above sector median
Term Structure
<1.1xFront/Back 0.98x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 58.1% — normal range
Spread-Adjusted Value
<80%Effective IV 138.4% (ATM 58.1% + spread 40.1% + bias) — expensive
Execution Efficiency
<3.0%Total drag 58.27% (spread 40.15% + slippage 18.12%) — high friction
Vega Efficiency
≥5.0Vega efficiency 1.47 (vega 5.882 / spread 40.15%) — spread drag
Sentiment
Bullish or bearish?
6.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Strong signal (Conviction: +4%, Raw: +3%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +4% (neutral) — Raw: +3%
OI Skew Magnitude
≥15%|OI skew| 31.8% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +85.9%, OI skew +31.8% — aligned
Conviction Quality
≥2/3 conditions0-DTE 0%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -33%, ATM: -100%, OTM: +9% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 19% — very bullish vs sector
Activity
Unusual activity?
1.9
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.3x avg — normal
Turnover Rate
≥15%Vol/OI 0.5% — 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 -1.3% (5d) — stable
Sector Relative≥60%
Sector activity percentile 32% — below sector avg
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 30% — patient
Flow Conviction
≥30Conviction +4 (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 40.1% — wide
Adequate OI
≥10,000OI 14,326 — adequate
Active Volume
≥500Volume 71/day — thin
Reasonable Cost
≤$0.50$2.01 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 81% — much wider than sector
Order Book Depth
≥100 contractsDepth 118.5 contracts (bid:35.5 ask:83.0) — adequate
Execution Quality
<1.0%Avg slippage 18.12% — poor
Timing
Is now a good time?
6.7
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -1.9% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 74% — seller opportunity
Event Detection
≥10pts kinkIV kink 8.5pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 582.39 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: FOMC in 5d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +4% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.1
bullishIV fair, bullish flow
Long Puts4.0
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.8
bullishIV fair, bullish flow
Covered Call4.5
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.