UPDATE Catalayst Pharmaceuticals’ (CPRX) has received approval from the FDA for Firdapse. Here’s the full story!
Catalyst Pharmaceuticals Inc (NASDAQ: CPRX) is having an incredibly strong day in the market today. However, if you go digging for news, all you’ll find is a press release that says that an accident may have led to a belief that a drug was approved that was still under review. So, that wouldn’t lead to gains. Nonetheless, there’s a good reason and it revolves around the drug in that message. Today, we’ll talk about:
- Why CPRX is headed for the top;
- what we’re seeing from the stock; and
- what we’ll be watching for ahead.
Here’s Why CPRX Is Climbing
As mentioned above, Catalyst Pharmaceuticals is headed up in the market this morning. However, the only news released was about a contractor who accidently shared a screen suggesting that the company’s drug, Firdapse had been approved by the FDA. In the release, the company cleared up the incident, letting investors know that the drug was still under FDA review.
Nonetheless, this led to investors paying attention to the name Firdapse, and a quick search online tells us that a catalyst is going to hit at some point today. The company’s New Drug Application for the drug comes with a PDUFA date of November 28, 2019. That’s right, today, the FDA will be making the decision as to whether or not to approve the treatment.
Firdapse is a treatment that was designed by CPRX for Lambert Eaton Myasthenic Sydrome (LEMS) and Congenital Myasthenic Syndromes (CMS). Should the treatment be approved, this will prove to be a major catalyst, sending the stock screaming for the top. To keep an eye on FDA approvals so that you don’t miss the real time run, follow this link.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of CPRX, while the news hasn’t been released yet, the PDUFA date says that it’s coming today, and investors are anticipating positive results. So, it’s not surprising to see that the stock is making a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (1:19), CPRX is trading at $3.20 per share after a gain of $0.29 per share or 9.78% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on CPRX. In particular, we’re interested in following the story surrounding Firdapse as the treatment may be approved today. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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