AVANIR Surging on Data (AVNR)

Posted in pre-market 
October 9th, 2009

AVANIR Pharmaceuticals, Inc. (NASDAQ: AVNR) is surging on strong volume this morning.  The company announced additional detailed results from the confirmatory double-blind Phase III STAR trial evaluating two doses of the investigational drug Zenvia™ in the treatment of pseudobulbar affect among patients with underlying multiple sclerosis (MS) or amyotrophic lateral sclerosis (ALS). Zenvia met the primary efficacy endpoint by reducing PBA episode rates by an incremental 11.9% beyond placebo. The lower dose Zenvia group did not achieve a statistically significant reduction in PBA episode rates compared to placebo.  Where this ultimately trades is still up in the air, but shares at 8:43 AM EST have seen 385,000 shares trade and the last trade was up 13% at $2.60.  The average volume is 1.95 million shares and the 52-week trading range is $0.23 to $4.09. -JON OGG

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