Benzinga | Sep 29, 2020 02:34PM EDT

Why Adial Pharmaceuticals Is Trading Higher Today

Adial Pharmaceuticals (NASDAQ:ADIL) shares are trading higher on Tuesday after the company announced the FDA has issued an emergency use authorization for the company's Assure/FaStep COVID-19 IgG/IgM rapid test device.

Adial Pharmaceuticals is a United States-based pharmaceutical company. The company develops prescription medications for addiction and related disorders. Its lead product is AD04, which is an approved drug for treating nausea and emesis.

Adial Pharmaceuticals shares traded up 36.17% to $1.92 on Tuesday during the time of publication. The stock has a 52-week high of $3.17 and a 52-week low of $1.