AVANIR Pharmaceuticals soars after swinging to Q4 profit
AVANIR Pharmaceuticals (Nasdaq: AVNR) shares are climbing after the Aliso Viejo, Calif.-based firm reported fourth-quarter net profit of $12.1 million, or $0.28 per share, up from with a loss of $22.2 million, or $0.70 per share, a year earlier.
“We have strengthened our financial position through the non-dilutive sale and licensing of non-core assets, restructured our operations to focus our resources on Zenvia, and begun our clinical and non-clinical activities to advance Zenvia in both PBA and DPN pain,” CEO Keith Katkin said in a statement.
Fourth-quarter revenue from continuing operations were $2.9 million, from $2.2 million a year earlier.
In morning trading, AVNR shares are up 19.88%, or $0.33, at $1.99. Over the last 52 weeks, shares have ranged from $1.07 to $6.75.
