Kala Pharmaceuticals Inc (NASDAQ:KALA) Stock Gains Momentum: Here is Why

The Kala Pharmaceuticals Inc (NASDAQ:KALA) stock is expected to be in focus this morning among investors after it emerged as a notable gainer last Friday and clocked gains of a much as 8%. There was no news about the company on Friday but back on October 18 Kala made an announcement with regards to a key appointment.

Market Action:

On Friday, KALA stock surged 7.89% at $2.0500 with more than 2.58 million shares, compared to its average volume of 1.282 million shares. The stock has moved within a range of $1.8500 – 2.0600 after opening the trade at $1.8900.

Major News

Kala, which is best known for developing and commercialising therapies for eye diseases, announced that C Daniel Myers had been inducted into its board of directors. It was a significant appointment by the company and one that might have resulted in a certain degree of optimism among investors.

It is perhaps easy to see why Myers’ appointment is being seen as a positive by investors. He is a highly experienced operator in the ophthalmic pharmaceutical space and has worked in that space for 35 years. Myers will work in the capacity of a Class III director at Kala. In addition to that, he is also going to be part of the Corporate Governance Committee and the Compensation and Nominating Committee. It is going to be interesting to see if the stock can continue to add to its gains today.

Traders Note:

KALA stock is trading below the 200-Day and 50-Day Moving averages of $5.52 and $2.82 respectively. The stock is down 34% in the past month.