Options/ACAD

ACADAcadia Pharmaceuticals Inc.

Options Analysis Report•PHARMACEUTICAL PREPARATIONS

Market Cap $5.0B|NASDAQ

● 2026-08-31$28.91

BULLISH

Analysis: 2026-08-28 EOD data

1Y +12.5%YTD +10.0%7D -5.4%

Options Vol

608

30D

Implied Move

±18.4%

IV Rank

63%

ACAD Options Overview

IV is elevated with bullish flow. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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ACAD Gamma Walls

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Value

Is IV priced right?

2.3

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks3/9 checks passed

IV Rank

≤35%

IV Rank 89.3% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.56x — IV premium over HV

Sector Relative≤50%

Sector percentile 74% — above sector median

Term Structure

<1.1x

Front/Back 0.95x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 70.2% — normal range

Spread-Adjusted Value

<80%

Effective IV 192.3% (ATM 70.2% + spread 61.1% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 75.75% (spread 61.06% + slippage 14.69%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.68 (vega 4.182 / spread 61.06%) — spread drag

Sentiment

Bullish or bearish?

5.9

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -17%, Raw: -32%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -17% (bearish) — Raw: -32%

OI Skew Magnitude

≥15%

|OI skew| 47.9% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +98.4%, OI skew +47.9% — aligned

Conviction Quality

≥2/3 conditions

0-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: -100%, ATM: +100%, OTM: -33% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 2% — very bullish vs sector

Activity

Unusual activity?

3.9

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.6x avg — normal

Turnover Rate

≥15%

Vol/OI 2.8% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +13.1% (5d) — building

Sector Relative≥60%

Sector activity percentile 67% — active vs sector

Trade Quality

≥30%

Large trade volume 21% — mixed

Execution Urgency

≥60%

Aggressive execution 48% — patient

Flow Conviction

≥30

Conviction -17 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.9

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 61.1% — wide

Adequate OI

≥10,000

OI 21,560 — adequate

Active Volume

≥500

Volume 608/day — adequate

Reasonable Cost

≤$0.50

$3.05 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 89% — much wider than sector

Order Book Depth

≥100 contracts

Depth 201.9 contracts (bid:175.3 ask:26.6) — adequate

Execution Quality

<1.0%

Avg slippage 14.69% — poor

Timing

Is now a good time?

7.4

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -4.6% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 89% — seller opportunity

Event Detection

≥10pts kink

IV kink -12.3pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 111.52 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -17% @ 58% consistency — unclear

Smart Money Timing

≥40 composite score

Score 51 (ITM 20% + inst 21%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls4.4

bullishIV expensive, mixed flow

Long Puts3.8

bearishIV expensive, mixed flow

Premium Sellers

Cash-Secured Put6.1

bullishIV rich premium, mixed flow

Covered Call5.4

bearishIV rich premium, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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