Shares of Aquestive Therapeutics were higher after the pharmaceutical company reported positive topline results for its study of Anaphylm sublingual film, which treats allergic reactions.

The stock was up 13% at $4.46 in recent trading, but fell 31% since the start of the year.

The study was conducted in support of the company's submission of its new drug application to the U.S. Food and Drug Administration for the treatment of Type 1 allergic reactions, including anaphylaxis.

Chief Executive Daniel Barber said if anaphylm is approved it has the potential to be the first and only non-invasive, orally delivered epinephrine product for patients at risk of life-threatening allergic reactions.

The company said the new study showed that there was significant improvement across each deficiency identified by the FDA, including difficulties with opening the pouch.