Why Are Longeveron Shares Trading Higher Wednesday?

Zinger Key Points
  • Longeveron's stock surged 72% after news circulated about its developmental therapy.
  • Longeveron announced its first contract for its advanced manufacturing facility, projected to generate $4-5 million annually

Longeveron Inc. LGVN shares are moving higher Wednesday afternoon following the circulation of a Zacks Small Cap Research note valuing the stock at $15.10 per share.

Zacks noted that the company is focusing on its, Lomecel-B treatment, which is being developed to combat Hypoplastic Left Heart Syndrome (HLHS), a severe congenital heart defect.

The company recently announced a successful meeting with investigators in its ongoing Phase 2b clinical trial for Lomecel-B, which aims to improve the outcomes of infants undergoing the Glenn Procedure, part of the multi-stage surgical treatment for HLHS.

Additionally, Longeveron has signed its first contract for its advanced manufacturing facility, which is expected to generate $4-5 million in annual revenue, helping fund its clinical trials.

Related Link: Longeveron® Announces Completion of Successful Investigator Meeting for On-going Phase 2b Clinical Trial Evaluating Lomecel-B™ as a Potential Treatment for HLHS, a Rare Pediatric Cardiac Disease

LGVN Price Action: Longeveron’s shares were up by 102% at $1.66 at the time of writing, according to Benzinga Pro.

See Also: Activist Investor Offers Support To Bankrupt Nevada Copper: ‘

Image: Pixabay.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsMoverswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!