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Wednesday, May 25, 2022

Avenue Therapeutics, Inc. (ATXI) Stock Leaping Forward Premarket Despite Visible Reason.

Avenue Therapeutics, Inc. (ATXI), a manufacturer of conventional opioids alternative ‘IV tramadol’, the stock soared by 7.74% to be $0.46 during the regular trading session of April 4. Its price made a giant leap further as of the writing in the premarket session on April 5, 2022, by 13.7%.


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ATXI: Outcomes of IV tramadol

On February 15, ATXI reported the results of the joint meeting of the Drug Safety and Risk Management Advisory Committee and Anesthetic and Analgesic Drug Products Advisory Committee of the US Food and Drug Administration on IV tramadol. The question put forth before the advisory committee was ‘Has the Claimant given satisfactory information regarding the advantages of its product outweighing the risk management of acute pain severe enough to take an opioid analgesic?’ 8 members voted yes 14 members voted no. The Committees provided the FDA with non-binding recommendations and independent advice.

ATXI: Industry Outlook

The biotechnology industry, from which ATXI belongs, has performed poorly in the past year and the start of 2022. The analysts are suggesting multiple reasons for this falling trajectory including rising energy prices in light of the Russia-Ukraine confrontation and threatening to the healthcare system due to vaccine resistance by the COVID-19 variants. The experts are suggesting a string of encouraging newsflow by the companies and upside stock situations for benefitting the investors to get rid of the declining trend.

ATXI: Company Outlook

ATXI’s market cap stood at $10.06 million with a 52-week high of $7.54 and an average volume of shares up to 5,091,209. For the third quarter of 2021, the company recorded no revenue against $0.05 EPS. The company is expecting its next earnings on April 8. ATXI stock, like other biotech stocks, has dwindled in the past year by more than 90%.

Conclusion

ATXI shares are down by 5.8% from the last week. The current premarket gain by its shares is the outcome of uncertainty as no visible reason is available to point for this activity as the company’s official website has no recent press release or regulatory filing.

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