Schering-Plough announced that the U.S. Food and Drug Administration (FDA) has accepted for review its new-drug application for asenapine, a tablet medication to treat schizophrenia and acute mania or mixed episodes associated with bipolar I disorder. According to the company, the clinical-trial program for the drug, which is placed under the tongue and then dissolves, has consisted of schizophrenia and bipolar mania trials involving nearly 3,000 patients. Schering-Plough acquired asenapine when it closed the acquisition of Organon BioSciences NV a week ago.

After holding support in the 28.50 area during the past few weeks, it appears the security is ready to jump higher, potentially pushing through resistance at its 10-day moving average. The stock has been consolidating sideways since reaching a high in May.

Short-term options players are skeptical of the shares. Schaeffer's put/call open interest ratio rests at 0.79, which is higher than 71% of all those taken during the past 52 weeks. Meanwhile, Wall Street is mixed on its outlook for the shares. According to Zacks, 8 analysts give the shares a strong buy rating and 6 rate the shares a hold.