Mad Money Coincidence???
Tonight Mr. Cramer was touting Acadia Pharmaceuticals (ACAD) on his tv show. I know nothing about Acadia except that over the past three months the average daily volume was 63,050 shares (not including today) (Source: Yahoo Finance). Today Acadia traded over 20 TIMES its average volume yet with little price fluctuation. There was no news today that would cause such a spike in volume. Acadia has only traded over 1 million shares TWICE in its company history (Since May 27, 2004). In after hours trading Acadia was up over 20% and did well over one million shares in volume. I am not saying anyone is at fault but I find it very suspicious that Acadia traded so many shares especially in a tight range around $10.30 today and is then up 23% a few hours later after Cramer recommended it.
A coincidence? I think not.