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The U.S. Food and Drug Administration approved Egalet Corp (NASDAQ: EGLT)'s ARYMO ER on Monday to expand the industry for opioid-based pain-management treatments. The announcement bodes well for Egalet, the shares of which responded with a 17-percent jump.
Trading was halted at 12:24.33 p.m. pending news. At the time of the freeze, shares rested at $9.12 following a day-opening price of $7.97, up 15.44 percent.
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Prior to Monday, about 61 percent of the company’s shares had been shorted — a condition that may induce a short squeeze when trading resumes.
This activity follows a tumultuous year for Egalet investors.
In October, shares dropped 5 percent after the FDA delayed ARYMO ER’s Prescription Drug User Fee Act date and shook investor confidence. However, delays are typical in FDA opioid proceedings, and Cantor Fitzgerald analysts reiterated a company Buy rating at the time.
Egalet plans to launch the drug in the first quarter of 2017.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.