Volume Spike Investor

Matrixx Initiatives (MTXX) shares are up nearly 6% and among the most active premarket stocks after the company announced a conference call at 11 a.m. Eastern today to discuss the FDA warning letter that sent its shares tumbling in the previous session.

On Wednesday, Matrix announced it had received an FDA warning letter that it failed to file a new drug application for its Zicam Cold Remedy Nasal Gel and Zicam Cold Remedy Gel Swabs, and that the products were mislabled. Both products contribute about 40% of the company’s revenue. The FDA also said it had received customer complaints about anosmia after taking the products. As a result, the company voluntarily pulled them from the market.