Wednesday, December 9, 2009

AVANIR Takes Leaderboard Top Gainer (AVNR)

AVANIR Pharmaceuticals, Inc. (NASDAQ: AVNR) may hold and it may not, but the stock is now the highest pre-market gapper on NASDAQ in the early trading.  This is also news on a low-priced biotech, so trading leverage is often strong here as everyone wants to find the next big biotech runner.  At 8:44 AM EST shares were up over 22% at $2.24 on 142,000 shares.  The company offered up additional data from the subset of patients with amyotrophic lateral sclerosis (ALS) enrolled in the confirmatory Phase III STAR trial. In the ALS patient subset, both Zenvia 30/10 mg and Zenvia 20/10 mg met the primary efficacy endpoint by significantly reducing daily PBA episode rates compared to placebo. This was presented today during a podium presentation at the 20th International Symposium on ALS/MND in Berlin, Germany.  The stock has already come off and is up 16% at $2.12 on 185,000 shares as of 8:47 AM EST.

The 52-week trading range is $0.25 to $4.09 and average daily volume is 1.2 million shares.


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