Teligent Inc (NASDAQ: TLGT) is headed up early on in the market this morning, and for good reason. The company announced that it has received approval to commercialize a treatment from the FDA. Of course, the news excited investors, sending the stock on a path for the top. Today, we’ll talk about:
- The FDA approval;
- what we’re seeing from TLGT as a result;
- and what we’ll be watching for with regard to the stock ahead.
TLGT Announces FDA Approval
As mentioned above, Teligent is having an incredibly strong start to the trading session in the pre-market hours this morning, and for good reason. The company announced that it has received approval of its abbreviated new drug application (ANDA) from the United States Food and Drug Administration (FDA). In particular, the ANDA surrounded Diflorasone Diacetate Ointment 0.05%. This marks the company’s fifth approval in 2018 and twenthy fourth approval from its international pipeline of topical generic pharmaceutical medicines. In a statement, Jason Grenfell-Gardner, President and CEO at TLGT, had the following to offer:
Diflorasone Diacetate Ointment 0.05% is Teligent’s fifth FDA approval in 2018… This is another important approval for Teligent as we continue to drive growth in 2018 and beyond. We are planning to launch this product in the third quarter of 2018.
We now have twenty-nine topical generic pharmaceutical products in the US portfolio, in addition to our four US injectable products.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dabble in the market is that the news causes moves. In the case of Teligent, the news proved to be overwhelmingly positive. After all, FDA approval means that yet another line of revenue has been opened. Of course, the news excited investors, who are sending the stock on a run for the top. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:54), TLGT is trading at $3.82 per share after a gain of $0.55 per share or 16.82% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on TLGT. In particular, we’re interested in following the story surrounding the company’s continued aggressive work toward opening several lines of revenue streams through the approval of generic products. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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