Egalet Corporation (NASDAQ: EGLT)
Egalet Corporation (EGLT), a specialty pharmaceutical company yesterday announced that the FDA advisory committee recommended approval of it abuse deterrent drug ARYMO. Egalet also reported their second quarter 2016 financial results. Egalet reported second quarter revenues of $3.5 million which was up over 350% over the same quarter last year.
Egalet Corporation CEO’s Comments
“The Committees’ support of ARYMO ER labeling as an abuse-deterrent product by the intravenous, nasal and oral routes of abuse is an important step forward in the development of this product candidate,” said Bob Radie, president and CEO of Egalet. “We believe ARYMO can offer patients, when appropriate, effective pain relief and can deter potential abuse. We will continue to work closely with the FDA over the next few months to bring this product to the market.” PR Newswire
EGLT Technical Analysis
EGLT opened trading yesterday at $6.96 which was down from the previous days trading of $7.05. EGLT closed trading yesterday at $7.62 and spiked up after market to $9.70, equivalent to a 27% increase from the closing price. Taking a look at the daily chart we can see the last time EGLT traded above these levels was on January 11th when it traded at $10.04. Taking a closer look at the daily chart we can see that EGLT has been in an upward trend dating back to June 27th when it traded at $4.42. EGLT has a float of 10.28 million shares and traded 1.42 times the normal daily trading volume on Thursday. For trading purposes, I would like to see EGLT open trading on Friday above $9.00 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.25 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Egalet Corporation, a specialty pharmaceutical company, develops, manufactures, and commercializes treatments for patients with pain and other conditions. It has licensed two approved pain products, such as SPRIX Nasal Spray, a non-steroidal anti-inflammatory drug indicated in adult patients for the short-term management of moderate to moderately severe pain that requires analgesia at the opioid level; and OXAYDO, an immediate-release oxycodone product designed to discourage abuse via snorting for the management of acute and chronic moderate to severe pain where an opioid is appropriate. The company also develops a pipeline of clinical-stage, opioid-based product candidates that are specifically designed to deter abuse by physical and chemical manipulation using its proprietary Guardian Technology. Its product candidates include ARYMO ER and Egalet-002 that are abuse-deterrent, extended-release, oral formulations. The company has a collaboration and license agreement with Acura Pharmaceuticals, Inc. to commercialize OXAYDO tablets; and Shionogi Limited to develop, manufacture, and commercialize abuse-deterrent hydrocodone-based product candidates using its technology. Egalet Corporation was founded in 2010 and is headquartered Wayne, Pennsylvania. Yahoo Finance