Egalet Corporation (NASDAQ: EGLT) is off to an incredible day in the market today, and for good reason. The company announced news with regard to payer coverage surrounding a key treatment. This news led to investor excitement, prompting gains in the stock and led to an alert from our partners at Trade Ideas. At the moment (10:23), EGLT is trading at $2.77 per share after a gain of $0.42 per share or 17.87% thus far today.
EGLT Announces New Coverage
As mentioned above, Egalet Corporation is having an incredibly strong day in the market today after announcing that its treatment, ARYMO® ER, the brand name for morphine sulfate, has received new coverage. The company said that one of the largest payers in the United States will provide coverage of ARYMO ER extended-release tablets for oral use, effective immediately. In a statement, Patrick Shea, CEO at EGLT, had the following to offer…
“Obtaining coverage of ARYMO ER for over 24 million member lives is an important step in the early phase of our launch and removes a barrier to access to healthcare providers and the patients they treat… With over 98% of the extended-release (ER) morphine products on the market in easy to abuse forms, ARYMO ER, an abuse-deterrent, ER morphine product, is an important treatment option for those living with chronic pain and to help deter potential abuse.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping an incredibly close eye on EGLT. In particular, we’re interested in following the company through the commercialization process of ARYMO ER, a process which, considering the coverage announcement, just got easier. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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