Winning regulatory approval can be a major boost for biopharmaceutical companies and hence, the Navidea Biopharmaceuticals Inc (NYSEAMERICAN:NAVB) stock is in action during premarket trading period this morning.
Trading Data
On Monday, NAVB stock moved up 3% to $0.8860 with more than 79K shares, compared to its average volume of 84K shares. The stock moved within a range of $0.8600 – 0.8999 after opening trade at $0.86. Moreover, the stock is up another 21% in the pre-market session.
Navidea Biopharmaceuticals Announces the Regulatory Approval of Lymphoaim in India
This morning it emerged that the company had been awarded regulatory approval by the Central Drugs Standard Control Organisation in India for its product Lymphoaim. The approval of the product in one of the biggest markets in the world has come as a source of optimism for investors as well and the stock has managed to clock gains of as much as 22% during premarket trading so far.
It is quite likely that the Navidea stock is going to command significant attention from investors during the course of the trading day and for the rest of the week as well. The commercialisation efforts for the product in India is going to be managed by Sayre Therapeutics. Navidea had earlier signed up for an exclusive distribution and licensing agreement with Sayre. It may now be a good time for investors to add the stock to their watch lists and watch out for further developments with regards to the product over the coming days.
Key Quote
Dr. Michael Rosol, Chief Medical Officer for Navidea, said, “We are delighted that Lymphoaim has received regulatory approval in India and will be available to patients in need.” Dr. Rosol continued, “This will also bring a new revenue stream to the Company to help us advance other pipeline products.”
Technical Data
NAVB stock is above the 20-Day and 50-Day Moving averages of $0.82 and $0.84 respectively. However, the stock is trading below the 200-Day moving average of $1.31.
