BOSTON ( TheStreet) -- Alkermes (ALKS) shares were poised to rally Friday after the U.S. Food and Drug Administration recommended approval of the company's opioid dependence treatment, making it one of several stocks poised to move on above-average volume.
Alkermes was set to trade higher Friday after an FDA advisory committee voted 12 to 1 to recommend approval of Vivitrol, a treatment for patients who abuse opoids, such as heroin. The FDA has a target date of Oct. 12 to complete its review of the company's drug application for Vivitrol.
Shares of Alkermes were rallying by $1.38, or 9.7%, to $15.60 in the premarket session. The average daily share volume for Alkermes is 646,000.
On the other hand, Arena Pharmaceuticals (ARNA) are dropping by $1.58, or 42.3%, to $2.16 in the premarket session after an FDA panel Thursday voted 9 to 5 against the company's weight-loss drug lorcaserin, highlighting safety concerns. The FDA will make its judgment on lorcaserin by Oct. 22. The average daily share volume for Arena is 10.9 million.Crucell (CRXL) shares are surging by $11.31, or 55.1%, to $31.85 in the premarket session after Johnson & Johnson (JNJ) said it is in advanced talks to acquire the rest of the Dutch biotech company in a $2.3 billion deal. J&J currently has a 17.9% stake in Crucell. The average daily share volume for Crucell is 47,000. Transition Therapeutics (TTHI) shares are falling by 31 cents, or 8%, to $3.57 in the premarket session after the company said it has halted development of its experimental diabetes treatment TT-223 after it failed to meet efficacy endpoints in a study. The average daily share volume for Transition Therapeutics is 52,000. -- Written by Robert Holmes in Boston.
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