The small-cap indices were on the decline today with the Russell 2000 and the S&P 600 both seeing slight losses.
AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) was a top gainer after receiving approval from the U.S. Food and Drug Administration to resubmit a new drug application for its pain-killer drug DSUVIA. The drug is used to treat acute pain and AcelRX believes it can help US hospitals manage the intravenous opioid shortage they’re wrestling with at the moment. Shares of the California-based company were nearly 6% to US$3.32.
READ: AcelRx Pharmaceuticals gets go-ahead from the FDA to resubmit a new drug application for its pain killer DSUVIA
Real estate holding company Maui Land & Pineapple Co Inc (NYSE:MLP) shares are on the rise despite the volcanic activity plaguing the Hawaiian island. Based on Hawaii’s second-largest island, the company operates resorts and holistic communities. The company also own the Pu’u Kukui Watershed Preserve, one of the largest private nature preserves on the island. Shares of the company were up nearly 7% to US$11.80.
Recro Pharma Inc (NASDAQ:REPH) shares fall by more than half after the FDA failed to approve its non-opioid pain injectable meloxicam. The complete response letter said that while the Phase 3 trials met the primary endpoints, the drug couldn’t be approved because data from selective secondary endpoints suggests that the pain-killing effect may not meet expectations. Shares were down more than 52% to US$5.88.
Bristow Group Inc (NYSE:BRS), a provider of helicopter transportation, saw its shares fall double digits after reporting an earnings loss in its fiscal fourth quarter. The Texas-based company reported a loss of US$2.84 per share on a net loss of US$100.9mln compared with a loss of US$2.22 per share on a net loss of US$78mln in its previous fourth quarter. The aviation group got its start 60 years ago transporting oil and gas company crews to rigs in the Persian Gulf and still provides service to energy-producing regions. Shares fell more than 20% to US$13.88.