Dyax Shares Rocket On FDA Clearance For Kalbitor
NEW YORK (AP) ¿ Shares of Dyax Corp. jumped to their highest price in more than a year on Wednesday after regulators approved marketing of the company's hereditary angioedema drug Kalbitor.
Dyax stock climbed more than 20 percent in heavy morning trading, and peaked at its highest price in about 15 months.
Wedbush analyst Kimberly Lee said she thinks Dyax will start marketing Kalbitor in the first quarter of 2010. She said the company is in talks with possible partners who could market the drug overseas. Lee expects a partnership will be announced by the end of June.
Shares of the Cambridge, Mass., company advanced 74 cents, or 21.1 percent, to $4.24. Earlier they rose to a high of $4.69. More than 9 million shares changed hands an hour after the market opened. In a typical day, about 409,000 Dyax shares are traded.Hereditary angioedema is a genetic disorder in which fluids build up outside the blood vessels, which can cause dangerous swelling in the extremities, the intestinal tract, or the airway.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV