On a roll
Avanir Pharmaceuticals (NASDAQ: AVNR ) is on a roll. After solid gains during the first week of June, the stock jumped another 19% this week.
The primary source of investor excitement stems from a Food and Drug Administration decision announced last week to allow a faster development path for AVP-786, which is basically a newer version of Avanir's Nuedexta. Avanir will now be able to use some data from Nuedexta studies in support of its Investigational New Drug, or IND, application process for AVP-786.
This week, Japanese investment firm Mizuho initiated coverage of Avanir with a "buy" rating. Mizuho established a price target of $10 per share, more than double the stock's current price.