Why Avadel Pharmaceuticals Stock Is Skyrocketing Today
Shares of Avadel Pharmaceuticals (NASDAQ: AVDL) had skyrocketed 33.5% higher at 11:09 a.m. ET on Tuesday. The big jump came after the company issued a statement earlier today about its stock's volatility on Monday, which had led to a temporary trading halt.
Avadel CEO Greg Divis stated, "The company is not aware of any new information, including the ongoing review of the FT218 NDA [New Drug Application], that caused yesterday's share price movement and brief trading halt." He added, "We are advancing our launch preparations, and look forward to bringing this important treatment to people with narcolepsy."
Avadel's shares fell 36% on Monday. The company's only news yesterday was the release of patient questionnaire results from the ongoing open-label Restore clinical study evaluating the long-term safety and tolerability of FT218 in treating narcolepsy.
Source Fool.com
