Eagle Test Systems Common Stock (NASDAQ: EGLT)
Eagle Test Systems was off to a relatively normal day in the market today. At the opening bell, the stock found its way to the green. However, throughout the day, the stock has been met with volatility, seeing time in both the green and the red. Nonetheless, minutes ago, the stock started spiking upward. 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 a relatively normal start to the trading session today. While the stock had made it into the green and had fallen into the red, the movement really wasn’t anything to write home about. However, that changed minutes ago as the stock started to spike. At the moment (11:53), EGLT is trading at $6.83 per share after a gain of $0.10 per share (1.49%) thus far today.
Why The Stock Is Spiking
As usual, when we saw that EGLT was spiking upward, the CNA Finance team went to work to see what was causing the movement. In this particular case, it didn’t take long to dig the story up. The gains are the result of a big announcement the company made minutes ago.
The announcement was that the company has submitted a supplemental New Drug Application to the United States Food and Drug Administration. According to the announcement, the application surrounds OXAYDO(R). This is big news,as any New Drug Application will generally rally the troops behind a stock. That’s exactly what we’re seeing from EGLT at the moment.
What We’ll Be Watching For Ahead
Moving forward, we’ll be keeping a very close eye on EGLT. In particular, we’ll be watching for communication between the company and the FDA with regard to the Supplemental New Drug Application. Nonetheless, we’ll keep a close eye on the story and update you as the news breaks!
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