Avanir Pharmaceuticals (NASDAQ: AVNR) is up about 8 percent on Monday making it one of the top gainers in premarket trading. The stock appears to be up on Piper Jaffray’s note saying that it’s confident that Avanir’s 786 drug will reach the market.
Further, after the company reached a deal with Novartis (NYSE: NVS) on a 2026 launch date of Nudexta generics, Piper expects it to reach similar deals with four other companies looking to sell generic versions of the drug. Piper raised its price target from $6 to $13 prompting the premarket move in the stock.
Nudexta is a drug used to treat outbursts of crying or laughing in people with certain neurological conditions.
Avanir Pharmaceuticals is a $724 million company that trades an average of 2.3 million shares daily. It is up 77 percent year to date.
Avanir Pharmaceuticals, Inc., together with its subsidiaries, engages in acquiring, developing, and commercializing novel therapeutic products for the treatment of central nervous system disorders primarily in the United States. It primarily offers NUEDEXTA, a proprietary combination of dextromethorphan and low-dose quinidine for the treatment of pseudobulbar affect; and Docosanol 10% cream, an over-the-counter product for the treatment of cold sores.
The companys clinical development stage products comprise AVP-923, which is in Phase II clinical trials for the treatment of central neuropathic pain in patients with multiple sclerosis; Phase II clinical trials for the treatment of agitation in patients with Alzheimers disease; and Phase II clinical trials for the treatment of levodopa-induced-dyskinesia in Parkinsons disease, as well as completed Phase III trials for the treatment of patients with diabetic peripheral neuropathic pain. It also offers AVP-786 that is in Phase I clinical trial to assess the single and multiple dose pharmacokinetics, safety, and tolerability to healthy subjects.
The company has a license agreement with Concert Pharmaceuticals, Inc. to develop and commercialize deuterium-modified dextromethorphan for the potential treatment of neurologic and psychiatric disorders, as well as rights to other deuterium-modified dextromethorphan compounds. Avanir Pharmaceuticals, Inc. was founded in 1988 and is headquartered in Aliso Viejo, California.