In late 2014, shares of Pain Therapeutics plunged from a high of $4.25 to less than $1.75 after Pfizer ended an agreement to help it develop and market the Remoxy pain drug along with Durect Corporation. Since then, PTIE has been greatly ignored.
However, in July 2015, we found value, recommending the stock at just $1.83. Last checked, it traded at a $2.39 high for potential gains of 31%.
At the moment, we’re anticipating higher highs, as the company approaches an FDA PDUFA date of September 25, 2016. The regulatory group found the Remoxy application to be sufficient for review, as a way to help treat chronic pain.
We’re excited to see what happens from this point on, considering the sizable market of 100 million Americans that suffer from chronic pain annually.
Right now, “when chronic pain is severe enough, patients are frequently prescribed long-acting opioid analgesics. Opioids (also called narcotics) include oxycodone, hydrocodone, hydromorphone, oxymorphone, morphine, fentanyl, methadone, and other members of this class,” according to Durect Corporation’s latest press release.
“While opioids are effective at treating pain, they are also widely misused and abused. The FDA has recently described this situation as the opioid abuse epidemic, and called for a far-reaching action plan to reassess the agency's approach to opioid medications. One element of this action plan includes expanding access to, and encouraging the development of, abuse-deterrent formulations of opioid products.”