Longeveron Inc (NASDAQ:LGVN) Stock Makes Huge Move

The biotech space has been a popular sector for investors for quite some time now and one of the stocks from the sector that could be tracked by investors at this point is that of Longeveron Inc (NASDAQ:LGVN).

Market Stats

On Monday, LGVN stock soared 181.16% to $28.20 with more than 119.91 million shares, compared to its average volume of 6.13 million shares. The stock has moved within a range of $8.31 – 28.52 after opening trading at $8.71.

The FDA News Craziness

The stock has been in the middle of a remarkable run in the past few days and on Monday, it continued on the same vein as it ended up with gains of as much as 181%. However, perhaps more importantly, it is necessary to remember that yesterday’s gains took the gains clocked by Longeveron over the past week to a staggering 750%.

There was no fresh news about the company yesterday but last week the company had announced that its product Lomecel-B, had been granted rare pediatric disease designation by the United States Food and Drug Administration.

The product in question is meant for treating congenital heart disease in infants and affects approximately 1000 babies which are born in the United States every year. The development was a significant one for the company and has led to considerable interest in the Longeveron stock among investors. It remains to be seen if the stock continues to add to its gains or if there is a correction.

Traders Corner

LGVN stock is trading above the 20-Day and 50-Day Moving averages of $6.67 and $4.27 respectively. Moreover, the stock is trading above the 200-Day moving average of $5.75. The stock is up 757% in the past week.