Adial Pharmaceuticals Up 12% As It Joins Russel Microcap Index

Shares of Adial Pharmaceuticals, Inc. (ADIL) are gaining over 12% on Monday morning after the clinical-stage biopharmaceutical company announced it has been added to the Russell Microcap Index.

ADIL is currently trading at $2.79, up $0.31 or 12.50%, on the Nasdaq. The nano-cap company has traded between $1.14 and $4.00 in the 52 week period.

On Thursday, Adial Pharmaceuticals said it received notice from the FDA that its request for Fast Track Designation for AD04 in Alcohol Use Disorder has been denied at this time.

The FDA stated that the company has not yet demonstrated that the product shows potential, and the agency asked for additional information regarding how AD04 might compare to other therapies.

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