Cempra Surrenders Some Early Gains

Cempra Inc CEMP shares are trading higher by $0.70 $8.25 in Monday's session. The issue is getting a boost from a FDA Advisory Committee vote that may bode well for Solithromycin, an antibiotic for the treatment of bacterial infectious diseases.

The issue, which swooned from its October 27 close ($23.44) to as low as $7.05 last Thursday on the heels of other unfavorable FDA commentary on other drugs in its pipeline, ended Friday's session at $7.55.

Today's news instigated a higher open and a brief pop to $9.40 before sharply reversing course. At this time, it has retreated back through the $9 handle and sliced through the $8 handle as well.

It's attempting to find support at $8.00 and mount another rally. If the decline continues, there may be additional support at Friday's close ($7.55) and additional support at the pair of lows just above $7 from late last week.