Avanir Top Biotech Surge (AVNR)

Posted in pre-market 
August 11th, 2009

Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) is up huge and may be the top mover this morning after showing positive Phase III study results for Zenvia.  The investigational drug Zenvia met its primary efficacy endpoint in the treatment of pseudobulbar affect in the confirmatory Phase III STAR trial. The company said that both Zenvia 30/10 mg and 20/10 mg provided a statistically significant reduction over the course of the study compared to placebo: the Zenvia 30/10 mg group reported a statistically significant mean reduction of 88% from baseline in PBA episode rates.  Shares are up some 64% at $3.60 as of 8:14 AM EST.  We have also already hit 400,000 shares as of 8:14 and a full day’s average volume is only about 875,000 shares.  This one should hit that mark very early.  This is also a 52-week high above the old level of $2.62. -JON OGG

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