Longeveron (NASDAQ:LGVN) stock is rocketing higher on Wednesday after the clinical-stage biotechnology company received fast-track designation for its mild Alzheimer’s Disease treatment.
This has the U.S. Food and Drug Administration (FDA) granting this designation to Lomecel-B. This will help assist with the speedy development and review of the treatment. That allows for the drug to make it to market sooner than it would without fast-track status.
Longeveron CEO Wa’el Hashad said the following after the fast-track designation was granted to Lomecel-B:
“We believe that Lomecel-B™, which demonstrated an overall slowing/prevention of disease worsening compared to placebo in the CLEAR MIND Phase 2a clinical trial, has the potential to become an important treatment option for physicians and patients, and we look forward to sharing the latest data with the Alzheimer’s Disease research and patient communities at AAIC 2024.”
LGVN Stock Movement Today
With this fast-track designation news comes heavy trading of LGVN stock on Wednesday. That has more than 23 million shares on the move as of this writing. This is well above its daily average trading volume of about 9.6 million shares.
LGVN stock is up 17.7% as of Wednesday morning!
Investors will want to stick around for more of the most recent stock market news!
We have all of the hottest market happenings traders need to know about on Wednesday! Among that is what’s happening with shares of Taiwan Semiconductor (NYSE:TSM), GitLab (NASDAQ:GTLB) and New Horizon Aircraft (NASDAQ:HOVR) stock today. All of this news is ready at the links below!
More Wednesday Stock Market News
- How Donald Trump Rocked Taiwan Semi (TSM) Stock Today
- GTLB Stock Alert: GitLab Pops 15% on Sale Rumors
- Why Is New Horizon Aircraft (HOVR) Stock Down 6% Today?
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
