Supernus stocks jump over 20% after its drug study results
The pharmaceutical company plans to ask for the drug to be considered for adults if it is approved by the FDA
Stocks impacted: Supernus Pharmaceuticals Inc (SUPN)
Supernus Pharmaceuticals said on Tuesday its experimental drug for attention deficit hyperactivity disorder (ADHD) met the main goal of a late-stage study in adults. The pharmaceutical company announced that a phase 3 study of the drug, known as SPN-812, on adults achieved its targeted endpoint. Now, the firm plans to ask for the drug to be considered for adults if it is approved by the Food and Drug Administration that is already considering the drug for use in children ages 6 to 17. Supernus would meet the FDA in January to discuss the application. As a reminder, Supernus revealed its third-quarter financial results where total revenues arrived at $155.1 million, including net product sales of $152.1 million and royalty revenues of $3.0 million. The company also increased its full-year 2020 net product sales guidance range of $500 million to $525 million and the operating earnings guidance range of $145 million to $160 million. Following the study results, the firm’s stocks jumped 40% in a knee-jerk reaction before settling down to gains of around 20% later in the extended session.
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