Shares of Outlook Therapeutics (NASDAQ: OTLK) were up 6.3% early Tuesday afternoon after rising as much as 16% earlier in the day. The stock went past $2 a share, reaching a 52-week high in the morning at $2.03 before falling back. It was the second consecutive day the healthcare stock reached a 52-week high, as it climbed to $1.895 on Monday.

The clinical-stage biotech is awaiting a key prescription drug user fee action date (PDUFA) on Aug. 29 for ONS-5010 (bevacizumab) to treat wet age-related macular degeneration (AMD). The drug is already being used extensively off label by compounding pharmacies to treat wet AMD.

With the anticipation of an approval from the Food and Drug Administration (FDA), investors have been piling in on the stock. It didn't hurt that the company also reported smaller-than-expected losses in the second quarter last month. 

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Source Fool.com