Why Pacira BioSciences Is Soaring Today
Shares of Pacira BioSciences (NASDAQ: PCRX) are soaring on Monday and are up by 17.5% as of 12:10 p.m. EDT, and this despite the company not reporting any news. We can attribute Pacira's good fortune to one of its potential competitors in the market for postoperative pain, Heron Therapeutics (NASDAQ: HRTX), failing to earn approval from the U.S. Food and Drug Administration (FDA) for its lead pipeline candidate, HTX-011.
Heron Therapeutics announced that it had received a complete response letter (CRL) from the FDA regarding its New Drug Application (NDA) for HTX-011. The health industry regulator did not have any concerns with HTX-011's safety or efficacy, but it rejected the drug's application and requested more information from the company regarding several "nonclinical issues." Heron expects this setback to be little more than a temporary hiccup: The company still believes that HTX-011 will earn FDA approval.
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Source Fool.com
