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.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More from Investing

General Electric Extends Declines After Shares Dropped From the Dow

General Electric Extends Declines After Shares Dropped From the Dow

REPLAY: Jim Cramer on How to Navigate the Stock Market Amid Tariff Worries

REPLAY: Jim Cramer on How to Navigate the Stock Market Amid Tariff Worries

Will Kraft Heinz Buy Pepsico or Mondelez?

Will Kraft Heinz Buy Pepsico or Mondelez?

Jim Cramer: 4 Stocks Could Get Throttled By a 'Knock Down Drag Out' With China

Jim Cramer: 4 Stocks Could Get Throttled By a 'Knock Down Drag Out' With China

Why Starbucks Latest Data Reveal Should Worry Investors

Why Starbucks Latest Data Reveal Should Worry Investors