Longeveron (LGVN) shares jumped 117% to $21.62 on Monday to their highest level since the company went public in February at $10 a share. The stock has been rising sharply since Thursday, when the biotechnology company said its Lomecel-B for the treatment of a congenital heart defect in infants (Hypoplastic Left Heart Syndrome) affecting about 1,000 babies a year was granted rare pediatric disease (RPD) designation by the Food and Drug Administration. The stock catapulted 120% on Thursday and continued rising on Friday and Monday. Prior to the announcement, the stock's highest price was about $8.45 a share on March 11 and a low of $2.84 a share earlier this year. Volume on the stock hit 98 million shares on Monday, compared to its average daily volume of 110,000 shares. Even with the share price boost, Longeveron's market cap remans small at about $192 million.
(END) Dow Jones Newswires
November 22, 2021 15:42 ET (20:42 GMT)
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