Delcath Systems Stock Is Rocketing Higher: What's Going On?

Delcath Systems Inc DCTH shares are moving higher on above-average volume Tuesday after the company announced FDA approval of HEPZATO KIT.

What To Know: The FDA approved Delcath's HEPZATO KIT for the treatment of adult patients with unresectable hepatic-dominant metastatic uveal melanoma (mUM), a rare, aggressive form of metastatic cancer with approximately 1,000 cases per year in the U.S.

"FDA approval of HEPZATO KIT marks the beginning of a new chapter for Delcath and the culmination of the Company's commitment to bring this treatment option to patients suffering from metastatic uveal melanoma," said Gerard Michel, CEO of Delcath.

Following the approval, Canaccord Genuity analyst Arlinda Lee maintained Delcath with a Buy rating and raised the price target from $14 to $18.

Delcath's average session volume is approximately 158,000, according to Benzinga Pro. Tuesday's trading volume has already exceeded 28 million at publication time. 

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DCTH Price Action: Delcath shares were up 77.6% at $5.54 at the time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.