Shares of Avanir Pharmaceuticals rose Monday after the company said sales of its drug Nuedexta were strong in the fiscal first quarter.
Avanir said it expects to report between $23.3 million and $23.9 million in net sales of Nuedexta. According to FactSet, analysts expected $22.7 million on average.
The company's fiscal first quarter ended Dec. 31.
Nuedexta is a treatment for pseudobulbar affect, a condition associated with brain disease or injury that involves involuntary emotional outbursts such as laughing or crying. Avanir Pharmaceuticals Inc. also receives royalty payments on sales of Abreva, a treatment for coldsores. It had $1.2 million in royalty revenue and $205,000 in revenue from research grants in the fiscal fourth quarter.
Shares of the Aliso Viejo, Calif., company picked up 32 cents, or 9.9 percent, to $3.56 in morning trading. The stock has lost almost a quarter of its value since early December, when Avanir reported a larger fourth-quarter loss and disappointing clinical trial results for an experimental multiple sclerosis drug.