Mar 20, 2017 - 2:40 PM EDT
Esperion Therapeutics Inc (NASDAQ: ESPR) shares are trading higher by $15.40 (66 percent) at $39.07 in Monday's session. In one of most dramatic two-day turnarounds in recent memory, the stock has nearly doubled since its early morning low Friday at $20.39.
Friday's plunge was attributed to Amgen's (NASDAQ: AMGN) poor Repatha results for treatment of high cholesterol In a case of throwing the baby out with the bath water, the issue was punished since it was working on a competing drug along with Regeneron Pharmaceuticals (NASDAQ: REGN). While Amgen is flat in today's session, Regeneron has recouped about $1 of its steep decline.
Meanwhile, shareholders of Esperion that didn't abandon the issue are being rewarded in today's session. Before the open, the company received FDA confirmation regarding regulatory pathway approval for An LDL-C lowering indication for Bempedoic Acid.
The stock's much higher opening print of $32.10 (vs. Friday's close of $23.67) has turned out to be the low for the session. The continuation rally took the issue to $39.40, but has backed off to the $39.00 area. The current high corresponds with its September 28, 2015 high of $39.23. The following day, the issue swooned to$18.33, following an update on ETC-1002 Phase 3 strategy after the review of End-of-Phase 2 meeting minutes.
Editor's note: At time of publication, the stock was up $16.54 (69.8 percent) at $40.21.
Adam Feuerstein (@adamfeuerstein) March 20, 2017
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