One of the least known biotech stocks Avenue Therapeutics (Nasdaq: ATXI) had been pumped since premarket hours without having any news. Seven months ago FDA’s Advisory Committee said Avenue Therapeutics submitted insufficient data on IV tramadol. Consequently, ATXI shares fell 44% to $0.31 in February 2022.
Today trading ATXI heated up to 41.3 million volume by pushing the price to $0.44 from $0.2137 as it was on Wednesday.
After unsatisfactory data found by FDA on IV tramadol Avenue claimed its data was adequate and intended to pursue regulatory approval for the drug. However, the approval case was frozen. There is no authentic news yet that FDA is going to be reviewing IV tramadol.