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What: Aralez Pharmaceuticals (NASDAQ:ARLZ) is up 14% at 3:30 p.m. ET. While there was no obvious news today, investors are likely buying in anticipation of Food and Drug Administration news in the coming month.

So what: The FDA is scheduled to make a decision about Aralez Pharmaceuticals' Yosprala by Sept. 14. That date, called the Prescription Drug User Fee Act (PDUFA) date, is only a goal. The FDA can make a decision before the PDUFA date, so investors are likely jumping in now in anticipation of a decision.

Yosprala is a combination of aspirin and the active ingredient in Procter & Gamble's Prilosec. Aralez Pharmaceuticals is trying to get the combination approved for the "secondary prevention of cardiovascular disease in patients at risk for aspirin-induced gastric ulcers." In other words, patients who should be taking aspirin for their heart, but can't because the aspirin gives them stomach ulcers.

Now what: Aralez has been trading near its 52-week lows, so an increase based on sentiment, rather than news, shouldn't be too surprising.

ARLZ Chart

ARLZ data by YCharts.

Aralez is scheduled to report second-quarter earnings next week, but with sales of its current products relatively low -- first-quarter revenue was only $8.1 million -- Aralez will likely continue to trade on sentiment until an FDA decision on Yosprala is revealed.

Brian Orelli has no position in any stocks mentioned. The Motley Fool recommends Procter and Gamble. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.