Page updated ·next FDA decision on the calendar·Data as of Oct 14, 2026 7:39 PM ET
Price into the decision (T-120)
Daily close, T-120 (10/17/24) through T+5. Run-up high $117.18 on 10/28/24, low $96.77 on 12/26/24 (T-120 to T-1). FDA decision 4/3/25. Historical price action, not a forecast.
Positioning before the decision
On Mar 20, 2025, 14 days before the decision date, at-the-money options priced a move of ±4.2% through Apr 17, 2025 (the first listed expiry after the decision; ATM implied volatility 18%). The stock closed +1.3% at the first close across the decision and -6.2% five trading days on. A straddle priced weeks out covers ordinary movement plus the event, so this is the move the options market priced through that expiry, not the event-implied move alone. How this compares across 1,000+ decisions.
Decision facts
FDA decision date2025-04-03
DrugVanrafia (atrasentan)
IndicationProteinuria reduction in primary IgA nephropathy (IgAN)
Every FDA approval letter and released Complete Response Letter we hold, by FDA action date: FDA approval letters.
Questions
Was Vanrafia (atrasentan) approved by the FDA?
Yes. The FDA approved the application for Vanrafia (atrasentan) on April 2, 2025, per the FDA's own record. The company announced it on April 3, 2025. The primary source is linked on this page.
What was Vanrafia (atrasentan) under FDA review for?
The application covered Proteinuria reduction in primary IgA nephropathy (IgAN). The FDA approved the application on April 3, 2025.
How did NVS stock react to the FDA decision?
On the decision day NVS moved +1.3%. That is the recorded reaction to this specific event. Historical measurement, not a prediction, and not investment advice.