Avanir soars on Zenvia clinical results
Here's another chapter in the story of volatile biotech stocks. I bought Avanir (AVNR) at the end of February when bad news pushed the stock down drastically. I paid $1.52 a share and since then it's been even lower--as low as $1.07, in fact. But as you can see to the left, Avanir has become more friendly to investors as a result of the positive results of their drug Zenvia. Here's an excerpt from an article in BusinessWeek : Drug developer Avanir Pharmaceuticals said Wednesday that a clinical trial showed its drug Zenvia significantly lessened nerve pain in diabetic patients. Avanir shares surged $1.08, or 85 percent, to $2.35 in electronic premarket activity, after closing at $1.27 Tuesday on the Nasdaq Stock Market. Shares traded as high as $18.14 in February 2006 but have fallen sharply since, dropping to a low of $1.07 last month. In a late-stage clinical trial, patients with diabetic neuropathic pain were given Zenvia or placebo and asked to make daily journals entrie...