Acrux approved in Germany
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Shares in Acrux jumped 2.5% to $3.25 this morning after its spray on testosterone treatment was approved for use in Germany.
Patients within the country, which is the second largest market outside the US and the firm's first entry point into Europe, can now be treated once testosterone deficiency has been confirmed by clinical features and biochemical tests.
The Uncapped 100 company said it is now readying for the launch of its product Axiron, but didn't specify a time frame.
Acrux's stock is still down 21.1% since its peak of $4.12 in April, with concerns mounting over the slower-than-expected market growth of testosterone treatment in the US.
"With both market growth and Axiron market share remaining below our forecasts, we continue to see risk in the company," said Macquarie Private Wealth in a broker note to clients last week.
The broker has an "underperform" rating on the stock with a price target of $3. The average price target on the stock of brokers polled on Bloomberg is $3.61.
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