Adamas Pharmaceuticals Inc. shares surged 6.8% in extremely heavy midday trade on Tuesday on news that the Food and Drug Administration won’t let Acorda Therapeutics Inc. file for approval of its Parkinson’s disease treatment. Adamas had its own Parkinson’s disease drug approved last week. Acorda shares plummeted 25.4% in extremely heavy midday trade Tuesday. Both companies’ products have effects during OFF periods when a Parkinson’s patient’s medication isn’t working and are intended for patients on a levodopa regimen. Acorda shares have surged 24.4% over the last three months and Adamas shares have surged 37.6%, compared with a 1.1% rise in the S&P 500 .
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