NEW YORK (TheStreet) -- Shares of Pernix Therapeutics Holdings (PTX) are soaring, up 7.59% to $6.95 in mid-morning trading Friday, after the company announced that the U.S. Food and Drug Administration approved its migraine drug for use in pediatric patients.
The specialty pharmaceutical company said that the FDA approved TREXIMET, for patients 12 years of age and older, for the acute treatment of migraine with or without aura.
TREXIMET is the first approved combination prescription medicine, and the first to contain sumatriptan.
It combines both sumatriptan and naproxen sodium making a more effective, sustained control of the pain and associated symptoms of migraine.
Pernix chairman and CEO Doug Drysdale said in a statement, "We are pleased with FDA's decision and look forward to bringing migraine relief to pediatric patients by making the new TREXIMET dose available in the third quarter of this year."
Morristown, N.J.-based Pernix Therapeutics is a specialty pharmaceutical business with a focus on acquiring, developing and commercializing prescription drugs.
The company targets therapeutic areas including neurology and pain management.
Separately, TheStreet Ratings team rates PERNIX THERAPEUTICS HOLDINGS as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PERNIX THERAPEUTICS HOLDINGS (PTX) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and feeble growth in its earnings per share."