This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Avanir Pharmaceuticals (AVNR) Stock Falls Off After Yesterday's Gain

NEW YORK (TheStreet) -- Avanir Pharmaceuticals (AVNR) spiked Wednesday afternoon after a court ruled in the company's favor in a patent litigation case, but the shares had fallen off considerably by the close of trading Thursday.

The stock dropped 6.63%, or 33 cents, to $4.65 at the closing bell. More than 11.2 million shares changed hands to easily surpass the average volume of 2,408,670. The stock had a range of $4.45 to $5.06 for the day and holds a 52-week range of $2.62 to $6.

On Wednesday, the U.S. District Court for the District of Delaware ruled in the company's favor in its patent infringement lawsuit against Par Pharmaceuticals and Impax Laboratories over NUEDEXTA.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Must Read: Warren Buffett's 10 Favorite Growth Stocks

The latter two companies had Abbreviated New Drug Applications for generic versions of NUEDEXTA capsules for the treatment of pseudobulbar affect, a medical disorder characterized by sudden and uncontrollable episodes of crying or laughing. After a six-day bench trial, the court ruled in Avanir's favor.

"We are very pleased with the Court's decision, as it confirms our continued belief in the strength of the patents covering NUEDEXTA," said Avanir President and CEO Keith A. Katkin in a statement. "Our focus remains on making NUEDEXTA available to patients suffering from the debilitating condition of PBA. This decision provides twelve-plus years of market exclusivity for NUEDEXTA."  

NUEDEXTA is still the only FDA-approved item for pseudobulbar affect treatment, according to Avanir's statement.
AVNR Chart

AVNR data by YCharts

STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AVNR $16.96 0.00%
AAPL $92.72 -0.56%
FB $119.49 1.43%
GOOG $711.12 1.38%
TSLA $214.93 1.61%


Chart of I:DJI
DOW 17,740.63 +79.92 0.45%
S&P 500 2,057.14 +6.51 0.32%
NASDAQ 4,736.1550 +19.0610 0.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs