Gamida Cell (NASDAQ:GMDA) stock is taking off on Tuesday after getting an update from the Food and Drug Administration (FDA) concerning Omisirge.
Omisirge is the company’s cell therapy designed to treat patients with hematologic malignancies planned for umbilical cord blood transplantation after myeloablative conditioning. This helps reduce the time to neutrophil recovery and reduces the incidence of infection.
With this update from the FDA, it has approved Omisirge for adults and pediatric patients aged 12 or older. This follows the FDA awarding its breakthrough therapy designation and the company posting positive results from a Phase 3 clinical trial of the cell therapy.
Abbey Jenkins, president and CEO of Gamida Cell, said the following about the news:
“FDA approval of Omisirge is a major advancement in the treatment of patients with hematologic malignancies that we believe may increase access to stem cell transplant and help improve patient outcomes.”
What This Means for GMDA Stock
Investors are excited about today’s approval as it opens the way for Gamida Cell to generate revenue from Omisirge. In fact, the company notes in its press release that Omisirge is available for transplant centers to order starting today.
This news also has GMDA stock seeing heavy trading today. As of this writing, some 22 million shares of GMDA stock are on the move. To put that in perspective, the company’s daily average trading volume is closer to 1.7 million shares.
GMDA stock is up 47.8% during pre-market trading on Tuesday.
There’s even more stock market news traders will want to know about below!
We’ve got all of the hottest stock happenings for investors to read about on Tuesday! Among that is why shares of ContraFect (NASDAQ:CFRX), VirnetX (NYSE:VHC), and Bellus Health (NASDAQ:BLU) stock are moving today. You can read more on these matters at the following links!
More Tuesday Stock Market News
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- Why Is Bellus Health (BLU) Stock Up 98% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
