Paratek Pharmaceuticals Inc (NASDAQ: PRTK) was headed for the green early on in the pre-market hours this morning before being halted. The halt is a T1 halt, which means that news is coming. This makes sense as today is the day of the company’s Advisory Committee meeting with the FDA. Should things go well, the stock could soar. However, should the meeting result in negative news, we could see big declines. Today, we’ll talk about:
- The FDA meeting;
- the halt; and
- what we’ll be watching for with regard to PRTK stock ahead.
PRTK Halted Ahead Of FDA Meeting
As mentioned above, Paratek Pharmaceuticals was off to what looked like it would be a strong day in the market today before the stock was halted. The T1 halt is a halt with news pending as investors await the outcome of an FDA meeting.
PRTK is scheduled to meet with the United States Food and Drug Administration’s Antimicrobial Drugs Advisory Committee today to review the company’s omadacycline. Omadacycline is a once-daily oral and intravenous broad spectrum antibiotic that is under an NDA for the treatment of community-acquired bacterial pneumonia as well as acute bacterial skin and skin structure infections. The emeting will be held between 8:30 a.m. and 1:00 p.m. today, and could decide the fate of the compny’s application, which has a PDUFA date in early october.
PRTK Halted At 5:06 A.M.
As mentioned above, as investors await the outcome of the Advisory Committee meeting, Paratek Pharmaceuticals shares have been halted. The T1 halt simply means that catalystic news is coming. With the FDA meeting in mind, we know just what that news is. Nonetheless, our partners at Trade Ideas were the first to alert us to the halt. The halt took place at 5:06 am with the stock trading at $11.10 per share after a gain of $0.20 per share or 1.79% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PRTK. In particular, we’re interested in following the outcome of the FDA meeting to get a good idea of whether or not the treatment will be approved in early October. After all, Advisory Committee votes hold incredible weight when it comes to the FDA’s approval or rejection of a treatment. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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