AcelRx Pharmaceuticals Inc (NASDAQ: ACRX)
AcelRx Pharmaceuticals is having a great start to today’s trading session. At the opening bell, the stock was already trading in the green. When the market opened, we saw a slight correction before gains continued. Nonetheless, the stock continues to head upward in a big way. Below, we’ll talk about what we’re seeing from ACRX, why, and what we’ll be watching for with regard to the stock ahead.
What We’re Seeing From ACRX
As mentioned above, AcelRx Pharmaceuticals is having a pretty strong day in today’s trading session. At the opening bell, the stock was already trading well into the green. While it did correct shortly after the bell, the upward movement soon continued, leading to even more gains. At the moment (10:24), ACRX is trading at $3.15 per share after a gain of $0.15 per share or 5.00% thus far today.
Why The Stock Is Making A Run For The Top
As is almost always the case, we received the alert that ACRX was making a run for the top from our partners at Trade Ideas first. As soon as we received the alert, the CNA Finance team started digging to see why the stock was making a run for the top. It didn’t take long to uncover the story. It seems as though the gains are the result of NDA approval by the FDA.
Early this morning, AcelRx announced that the FDA has accepted the New Drug Application surrounding dsuvia for filing with a PDUFA date of October 12, 2017. The FDA communicated with ACRX that it plans to hold an advisory committee meeting to review the application. The date of this meeting is yet to be decided. Nonetheless, the acceptance is leading to excitement among investors, causing the stock to climb!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ACRX. In particular, we’ll be watching the progress as the NDA for dsuvia continues to make its way through the FDA and hopefully to approval in October. Nonetheless, we’ll continue to track the story and provide updates as it evolves!
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