EyeGate Pharmaceuticals Inc (NASDAQ: EYEG)
EyeGate Pharmaceuticals is having an overwhelmingly strong day in the market today. As soon as the market opened for the day, the stock was trading well into the green. Since then, we’ve seen some upward and some downward movement, but the stock has definitely been able to hold onto impressive gains. Below, we’ll talk about what we’re seeing from EYEG, why, and what we’ll be watching for ahead.
What We’re Seeing From EYEG
As mentioned above, EyeGate Pharmaceuticals is having an incredibly strong day in the market today. In fact, on the opening bell, the stock was trading well into the green. Since then, the stock has seen movement in both directions, but the gains are clearly here to stay. Currently (12:10), EYEG is trading at $2.47 per share after a gain of $0.84 per share (51.28%) thus far today.
Why The Stock Is Climbing
As is almost always the case, our partners at Trade Ideas were the first to notify us of the upward movement on EYEG. As soon as we received the alert, the CNA Finance team went to work to dig up the cause of the gains. It didn’t take long to find the story. Ultimately, the gains are the result of an announcement of a partnership that’s leading to quite a bit of investor excitement.
Early this morning, EyeGate Pharmaceuticals announced that it has partnered with Valeant Pharmaceuticals. The companies have entered into an exclusive, worldwide licensing agreement. Under the agreement, EYEG has granted a subsidiary of VRX exclusive, worldwide commercial and manufacturing rights to the EyeGate(R) II Delivery System as well as the EGP-437 combination product candidate for the treatment of post-operative pain and inflammation in ocular surgery patients.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on EYEG. In particular, we’ll be watching the relationship between the company and VRX as it evolves, as not only does this bring in some revenue now, but it could also be a major driver of future revenue. We’ll keep a close eye on the news and bring it to you as it breaks!
Update (1:14): EYEG continues to soar. In fact, if it keeps going at this rate, it could double by the closing bell. At the moment, the stock is trading at $2.83 per share after a gain of $1.19 per share (72.57%) thus far.
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