PACWP - Why Is Trevena (TRVN) Stock Up 165% Today?
2023-05-08 10:20:01 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Trevena (NASDAQ: TRVN ) stock is rocketing higher on Monday after Chinese partner Jiangsu Nhwa got approval for one of its treatments .
The National Medical Products Administration just granted approval to Jiangsu Nhwa for Trevena’s OLINVYK. This approval allows the drug to be used as a treatment for acute pain in adults “severe enough to require an intravenous opioid analgesic.”
Trevena notes that this approval is backed up by two “bridging trials” that took place in China. The approval is also supported by data from trials done in the United States.
With this approval, Trevena will get a $3 million milestone payment from Jiangsu Nhwa. In addition to that milestone payment, Trevena could get another $15 million for the first commercial sale of OLINVYK in China.
Carrie Bourdow, President and CEO of Trevena, said the following about the news:
“We have worked closely with our partners during their submission process, and look to our continued collaboration as they move forward with launch and full commercialization of OLINVYK in China.”
What This Means for TRVN Stock
Investors in TRVN stock are set to benefit from the Chinese approval for OLINVYK. This will open the company up to a new source of revenue once sales commence in the country. That could result in a further boost to TRVN shares when the company next reports earnings.
TRVN stock is also seeing heavy trading on Monday. As of this writing, some 17 million units are on the move. That’s already well above its daily average trading volume of about 104,000 shares. Likewise, shares are up 165.2% as of Monday morning.
Investors looking for even more stock market news will want to keep reading!
We have all of the most recent stock market stories traders need to know about on Monday! Among that is why shares of PacWest (NASDAQ: PACW , NASDAQ: PACWP ), Occidental Petroleum (NYSE: OXY ) and Estee Lauder (NYSE: EL ) stock are moving today. You can get up to speed on this at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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