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Why Is Longeveron (LGVN) Stock Up 30% Today?


  • Longeveron (LGVN) stock is gaining alongside survival news.
  • Patients who received the company’s hypoplastic left heart syndrome (HLHS) treatment saw a survival period reaching five years.
  • This could help Longeveron get approval from regulators.
LGVN Stock - Why Is Longeveron (LGVN) Stock Up 30% Today?

Source: shutterstock.com/Anastasia Zagoruyko

Longeveron (NASDAQ:LGVN) stock is on the move Tuesday after the company released long-term survival data from its hypoplastic left heart syndrome (HLHS) treatment.

According to the company, all 10 patients that received Lomecel-B during their Stage 2 surgery are still alive after up to five years. To put that in perspective, children with HLHS have a roughly 20% mortality rate by five years.

Joshua Hare, co-founder, Chairman and Chief Science Officer of Longeveron, said the following about the survival rates:

“Previously, we disclosed the participants had 100% survival rate for up to 3.5 years post-administration of Lomecel-BTM. These data represent an additional 2 years of follow-up data, reinforcing our enthusiasm for Lomecel-BTM in this indication, and providing support for the ongoing ELPIS II study. As we continue to monitor these patients from ELPIS I, we will provide additional updates.”

What This Means for LGVN Stock

Today’s survival rate news is a massive win for holders of LGVN stock. The data supports the company’s ongoing ELPIS II study and could help it get approval from regulators. That would be a game-changer for the company as there’s currently no U.S. Food and Drug Administration (FDA) approved treatment for HLHS.

With this news, shares of LGVN stock are seeing incredibly heavy trading today. That has some 2.8 million shares trading hands as of this writing. For comparison, the company’s daily average trading volume is only about 21,000 shares.

LGVN stock is up 30.4% as of Tuesday morning.

Investors seeking more of the latest stock market news will want to stick around!

We’ve got all of the biggest stock market stories worth reading about on Tuesday! Among that is what has shares of Fisker (NYSE:FSR) stock falling, why Nikola (NASDAQ:NKLA) stock is down and what’s hitting Lucid (NASDAQ:LCID) stock. You can get up to speed on this news at the following links!

More Tuesday Stock Market News

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Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not hold (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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/05/why-is-longeveron-lgvn-stock-up-30-today/.

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