Avanir Pharma Rises on Nuedexta Sales Estimate
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.