Why Is Longeveron (LGVN) Stock Up 53% Today?

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  • Longeveron (LGVN) stock is taking off on Wednesday alongside news from the FDA.
  • It’s Alzheimer’s treatment was granted RMAT designation.
  • This brings with it heavy trading of LGVN shares.
LGVN Stock - Why Is Longeveron (LGVN) Stock Up 53% Today?

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Longeveron (NASDAQ:LGVN) stock is rocketing higher on Wednesday after the clinical-stage biotechnology company announced a new designation from the Food and Drug Administration (FDA).

The FDA has granted Longeveron’s Lomecel-B the Regenerative Medicine Advanced Therapy (RMAT) designation. This is the company’s treatment for mild Alzheimer’s Disease.

This is big news for LGVN stockholders as it marks the first time the RMAT designation has been granted to a cellular therapeutic Alzheimer’s treatment candidate. This comes after positive results from a Phase 2 study were reported late last year. The company is also preparing for a presentation of this data on July 28, 2024.

Longeveron Chief Medical Officer Nataliya Agafonova said the following about the designation:

“We are thrilled to receive the RMAT designation for Lomecel-B™ for the treatment of mild Alzheimer’s Disease and we look forward to meeting with the FDA to discuss the path forward and the development plans for Alzheimer’s Disease in the very near future.”

LGVN Stock Movement Today

With this news comes heavy trading of LGVN shares on Wednesday. That has more than 86 million shares changing hands as of this writing. This is well above its daily average of about 8.5 million shares.

LGVN stock is up 52.5% as of Wednesday morning.

Investors will want to keep reading for more of the most recent stock market stories!

We have all of the hottest stock market news available on Wednesday! A few examples include what’s going on with Intuit (NASDAQ:INTU) layoffs, the latest on GameStop (NYSE:GME) stock and more. All of this info is ready at the following links!

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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.


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