Boston, MA 06/06/2013 (wallstreetpr) – The shares of Avanir Pharmaceuticals Inc. (NASDAQ:AVNR) had surged by 13.06 percent to close at $3.81 per share for the end of last trading session on Wednesday. The shares of the company had been trading in the range of $3.49 to $3.84 per share during the day. The shares of Avanir Pharmaceuticals Inc. (NASDAQ:AVNR) had recorded 52 week high price level of $4.05 per share and 52 week low price level of $2.07 per share.
Avanir Pharmaceuticals Inc. (NASDAQ:AVNR) is primarily engaged in the development and commercialization of therapeutic products for the treatment of central nervous system disorders. The pharmaceutical company is also into several partnership agreements to focus on development of therapeutic treatment drugs for other related areas, in addition to drugs for central nervous system.
Accelerated Pathway for New Drug
Avanir Pharmaceuticals Inc. (NASDAQ:AVNR) had recently received the approval of Food and Drug Administration of the United States to move to an accelerated and expedited development pathway for their next generation compound, AVP – 786. The development of this therapeutic drug could now proceed directly into the human clinical trials, after completing the minimum requirement of limited pre clinical package as set out by Investigating New Drug application.
The shares of Avanir Pharmaceuticals Inc. (NASDAQ:AVNR) had witnessed heavy trading volumes with nearly 9.14 million shares being traded on Wednesday, while the average trading volume of the company is at 1.50 million shares per day. The company presently holds 145.10 million shares outstanding in the market with an institutional ownership of 70 percent.
