Egalet Corp (NASDAQ:EGLT) shares are trading higher by $0.31 (7 percent) at $5.15 in Wednesday's session.
Before the open, the company announced its challenge to the FDA for MorphBond exclusivity is still being considered. That news instigated a modestly higher open and after a brief pullback, the issue found support just above Tuesday's close ($4.84) at $4.89 and continued its move higher.
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The continuation rally has taken the issue all the way to $5.60. That level comes in just above the pair of highs from January 24 ($5.56) and January 25 ($5.53).
Since reaching that elevated level, Egalet's stock has drifted lower into the lower $5.00 handle.