Clinical stage biotech outfit Longeveron Inc (NASDAQ:LGVN) has seen its stock emerge as one of the biggest movers in recent days and it might be the right time for investors to take a closer look at it.
Trading Data
On Friday, LGVN stock soared 46% to $10.03 with more than 102.95 million shares, compared to its average volume of 6.04 million shares. The stock has moved within a range of $8.95 – 14.75 after opening trade at $11.81.
Major News
This past Friday, the stock ended the strongly as it clocked gains of as much as 46% and thereby clocked cumulative gains for the whole week of as much as 195%. The remarkable rally in the stock was brought about by the announcement from the company with regards to the fact that its product Lomecel-B had been granted Rare Pediatric Disease designation by the United States Food and Drug Administration.
The product in question is meant for treating a rare but life threatening condition in infants known as Hypoplastic Left Heart Syndrome. While it goes without saying that the announcement was a significant one for the company, it should be remembered that at this point in time Lomecel-B is still in the middle of a Phase B trial. As many as 1000 babies are born with the condition every year and although it does represent a niche market, Longeveron could potentially corner it with its product.
Key Quote
“We are pleased by FDA’s acknowledgment of the urgent need for a safe and effective treatment for children born with this rare and devastating congenital heart defect,” stated Longeveron co-founder and Chief Science Officer Joshua M. Hare, M.D. “We are encouraged by our Phase 1 clinical data, and the progress being made in the ongoing Phase 2 trial. Lomecel-B represents a unique cell therapy approach that could potentially be administered at the same time as surgery in these critically impacted infants.”
Technical Data
LGVN stock is trading above the 50-Day and 200-Day Moving averages of $4.40 and $3.78 respectively. Moreover, the stock is above the 200-Day moving average of $5.63. The stock is up 195% in the past week.
