Lannett Company, Inc. (NYSE: LCI)
Lannett Company was off to a relatively normal day in the market today. When the opening bell rang, the stock was in the green. After a short run upward, the stock started to fall, making it into the red. However, over the past hour or so, the stock has been climbing, and now it is trading well into the green again. Below, we'll talk about what we're seeing, why, and what we'll be watching for with regard to LCI ahead.
What We're Seeing From LCI
As mentioned above, Lannett Company was having a relatively normal day in today's trading session. At the sound of the opening bell, the stock was trading slightly in the green. Throughout the day, we've seen some gains and some declines. However, for the past hour or so, the stock has been heading upward, bringing it well into the green. Currently (1:12), LCI is trading at $22.40 per share after a gain of $0.40 per share (1.82%) thus far today.
Why The Stock Is Headed Upward
As usual, our partners at Trade Ideas were the first to alert us of the run on LCI. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. In this particular case, it took no time at all to dig up the story. It seems as though the stock is climbing as the result of FDA news.
In an announcement made earlier today, Lannett Company revealed that it has received FDA approval. The approval surrounds Lopinavir and Ritonavir Oral Solution USP. The drug has been approved in 80mg and 20mg per ml doses. Ultimately, this means that the company will bring yet another drug to the market, increasing the potential for revenue and profit.
What We'll Be Watching Ahead
Moving forward, the CNA Finance team will be keeping a close eye on LCI. In particular, we're excited to see what steps the company takes following the FDA approval. We'll keep a close eye on the news and bring you the updates as they break!
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