Volume Spike Investor

Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) is this morning’s head honcho.  The company announced last night that an FDA panel had decided to recommend backing for its new gout drug KRYSTEXXA by a vote of 14 to 1.  This is not a formal approval but it tips the scale more toward a likely approval from the FDA.  Shares were up over 20% on the news last night, and here is what we are seeing this morning: 988K shares at 8:39 AM EST…. Shares up 31% at $12.15; 52-week range $2.80 to $28.42.  Average volume is only 2 million shares, and you can expect to have seen that amount trade by the 9:30 AM open. -Jon Ogg