Eagle Test Systems Common Stock (NASDAQ: EGLT)
Eagle Test Systems was off to what seemed to be a relatively normal day in the market today. When the opening bell rang, the stock was trading in the red. From there, it continued to fall for a few minutes before reversing. Soon enough, the stock made it to the green, but nothing about the movement was exciting. That is, until minutes ago when the stock started to soar. Below, we'll talk about what we're seeing in the market, why, and what we'll be watching for with regard to EGLT ahead.
What We're Seeing From EGLT
As mentioned above, Eagle Test Systems was off to what seemed to be a relatively normal day in the market today. As soon as the market opened, the stock went on a slow slide into the red. However, as the day progressed, a correction became clear, bringing the stock slightly in the green. Then, minutes ago, the stock started gaining in a big way. At the moment (12:14), EGLT is trading at $8.96 per share after a gain of $1.06 per share (13.42%) thus far today.
Why The Stock Is Gaining
As is usually the case, our partners at Trade Ideas were the first to inform us of the upward movement on EGLT. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. In this case, it didn't take long to dig up the story. It seems as though the gains have to do with news that was released by the FDA minutes ago.
In a note, the FDA has given great news to EGLT investors. They have approved a treatment. According to the announcement Eagle has received FDA approval for Arymo ER. For more details on the news, visit the FDA's website here.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on EGLT. In particular, we're interested in seeing what next steps the company will take following the approval. We'll watch the news closely and bring it to you as it breaks!
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