One of the best performing stocks on the market in recent weeks has been Longeveron (NASDAQ:LGVN). Today, LGVN stock is soaring again, up nearly 80% at the time of writing, to five times the average daily stock volume.
Among speculative biotech stocks, Longeveron continues to significantly outperform the market. Trading at just $ 3 a share a week ago, shares of LGVN have skyrocketed to over $ 30 a share today.
This week-long decision was initially inspired by a key update from the Food and Drug Administration (FDA). The FDA has approved Longeveron’s drug Lomacel-B for a rare pediatric disease (RPD) designation.
This means that the company’s clinical trials will accelerate. Based on the data presented, Longeveron’s window to bring this drug to the market has been reduced. Additionally, other drugs in the company’s pipeline could receive priority vouchers for review within six months, instead of the usual 10 months. For a biotech stock, that’s a big deal.
It appears that the rise in the stock price of this company is a continuation of this trade. However, for those interested in what Longeveron does, let’s take a look at a few things to know.
What you need to know about the LGVN stock
- Longeveron is a clinical-stage biotechnology company focused on finding therapies for life-threatening diseases.
- Indeed, the emphasis the company places on researching regenerative medicine approaches is appreciated by investors.
- The Company’s Lomacel-B drug candidate is one of the Company’s top potential drugs.
- However, the company has a pipeline of other drugs that investors are increasingly optimistic about.
- The aforementioned FDA RPD designation appears to have significantly increased the value of the company’s drug portfolio.
- The timing of the marketing of drugs is a determining factor in the valuation of biotechnology stocks.
- As a result, investors are looking like LGVN stock in the context of these recent announcements.
As of the publication date, Chris MacDonald does not have (directly or indirectly) any position in any of the stocks mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.