Why Fortress Biotech Stock Jumped Today

Shares of Fortress Biotech (NASDAQ: FBIO) soared on Thursday and closed the day's trading session up by 16.7%. The catalyst for these nice gains was a regulatory update from Avenue Therapeutics (NASDAQ: ATXI), a subsidiary of Fortress Biotech.

Back in October, Avenue Therapeutics received a Complete Response Letter (CDL) from the U.S. Food and Drug Administration (FDA) regarding its New Drug Application (NDA) for IV tramadol, a medication intended for the management of acute pain in patients who require an opioid. The FDA's concern was that the drug did not seem safe for its intended target market.

However, Avenue Therapeutics did not give up on IV tramadol. Lucy Lu, the company's CEO, stated the following:

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Source Fool.com