FDA Approves New Drug From Savient

Posted in pre-market 
September 15th, 2010

Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) shot up this morning in pre-market trading on news that the US FDA has approved the company’s gout drug, called Krystexxa, for patients who do not respond to conventional therapy.  At 8:35 AM EST shares were up 27.24% to $18.78 and 1,032,537 shares have already been traded.  This beats the average volume of 798,131 shares, and also exceeds the company’s 52-week range of $11.20 to $16.62.

-Michael B. Sauter

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