If you are looking into some of the action in the premarket trading period then it could be a good move to consider looking into the Opiant Pharmaceuticals Inc (NASDAQ:OPNT) stock.
The Opiant stock is up by as much as 50% in premarket trading after the company announced top line results from the PK (confirmatory pharmacokinetic) study of its product OPNT003.The results were positive and that led to the rally in the stock. The product is a nasal nalmefene and is meant for treating patients suffering from opioid overdose. In this study, a 3 mg dose of the product was compared with an 1 mg dose of the intramuscular nalmefene hydrochloride injection.
The company had earlier agreed on the above mentioned comparator with the United States Food and Drug Administration. This marks a major breakthrough for the company and the reaction in the markets was understandable.
As per the initial analysis of the top line data, it was revealed that OPNT003 managed to record considerably bigger plasma concentrations compared to the injection. Considering the fact that the stock has already gone into a strong rally in the premarket trading period, it is going to be interesting to see if the Opiant stock can hold on to its momentum when the trading day begins.
Market Reaction:
On Tuesday, OPNT stock went down 3% at $13.28 with more than 1.21 million shares, compared to its average volume of 17k shares. The stock had moved within a range of $13.22 – 13.76 after opening the trade at $13.60. The stock is up 50% in the pre-market session on Wednesday.
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