The Medicines Company MDCO shares are trading lower by $1.36 (3.5 percent) at $37.38 in Wednesday's session.
Before the open, the company announced it had received FDA approval of urinary tract infection drug, Vabomere.
That instigated a much higher open that had follow through to $40.40 before sharply reversing course. That exceeds its July 26 high ($39.44), but is well shy of its July 25 high ($43.79).
The ensuing decline took the stock beyond Tuesday's close ($38.74), but found intraday support just above Monday's low ($36.82) as $36.85 stands a the low for the session as of 10:56 a.m. EST.
So far, the rebound off that low has taken Medicines Company into the lower $37.00 handle.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.