Cumberland Pharmaceuticals Soars 19.1% On FDA Approval (CPIX)

Shares of Cumberland Pharmaceuticals Inc. CPIX are currently up 19.1% at $6.75 per share during Friday afternoon trading. The company's share price soared after it announced on Thursday after the market closed that it received approval from the U.S. Food and Drug Administration (FDA) for a new formulation of Acetadote (acetylcysteine) Injection, which is used to treat acetaminophen poisoning. CEO A.J. Kazimi said, "We are committed to further developing our products, whether to expand into new patient populations or to improve upon an existing formulation, and worked with the FDA to develop this new formulation of Acetadote. We look forward to introducing this next generation product to the hospital community and the growing number of patients who will benefit from it." Today's trading range for shares of Cumberland Pharmaceuticals Inc has been between $6.56 and $7.49 per share. The consensus price target of analysts covering the company's stock is $8.00 per share. Volume of 1.9 million shares is far above the daily average volume of 72,000 shares. Cumberland Pharmaceuticals Inc. (CPIX) is a Tennessee-based specialty pharmaceutical company focused on the acquisition, development and commercialization of branded prescription products. Read more from Benzinga's Company news.