NEW YORK (TheStreet) -- Sarepta Therapeutics (SRPT - Get Report) continued to climb Tuesday after the company announced Monday it had received FDA guidance to apply for regulatory approval of its experimental Duchenne muscular dystrophy drug eteplirsen by the end of the year. The application would lead to a clinical study on a larger scale.
The stock surged 14.16% to $38.79, a $4.81 increase from its previous close of $33.98, at the close of trading on Tuesday. More than 4 million shares changed hands, nearly triple the average volume of 1,435,740. Sarepta had a range of $34.51 to $39.20 on Tuesday and holds a 52-week range of $12.12 to $55.61.
The company said in a statement it would bolster its FDA application with more safety and efficacy data from an earlier trial of the drug, along with a confirmatory study it plans to begin in the third quarter.