Ronnies...Found this on a AVN board that is not posted on too frequently.
By: thor95678
19 May 2007, 05:43 PM EDT
Msg. 35594 of 35595
(This msg. is a reply to 35593 by gd2aussie3.)
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News leak????
I found this interesting...
News Leak at Avanir Pharma?
by Thomas C.
May 18, 2007 04:44 PM EDT tags: money, ant and sons
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CNBC biotech/pharma reporter Mike Huckman had an interesting story this morning on how confidential data from pharmaceutical and biotech companies may be hitting the Street before the information is public. He mentioned that leaks are coming from biotech and pharmaceutical conferences. Click here to watch the video.
Shares of biotech and pharma stocks are always on the move, and Avanir Pharma (NASDAQ: AVNR) which is currently focused on the late-stage clinical development of drug candidate Zenvia, is no exception. The company recently reported top-line results of a Phase III study for Zenvia in diabetic peripheral neuropathic pain (DPN) where the primary endpoint was met. These data have been accepted for presentation at the International Congress on Neuropathic Pain in Berlin on June 8, 2007. Avanir has also requested a meeting with the U.S. Food and Drug Administration to discuss the next study for Zenvia for the treatment of DPN pain.
But after watching the video and witnessing today's run up as result of no significant publicly available news, it makes you have to wonder why the stock is substantially higher and trading so actively. Avanir shares are finishing the day higher by $.38, or11.91%, to$3.57 on very heavy trading of 12.2 million shares, more than double the daily average volume of 5.4 million shares. The stock has tacked on nearly 27% in the past two sessions.
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