Savient Pharmaceuticals Inc. (NASDAQ:SVNT) Rallies after Drug Price Hike
Northern, WI 06/13/2013 (GDPInsider) – Savient Pharmaceuticals Inc. (NASDAQ:SVNT) has been having a solid day in today’s trading session after opening at 0.71, 0.01 cent above its previous close of 0.70. Since opening SVNT has rallied, presently trading up 13.41% with a range of 0.6810 and 0.8791. Volume has ticked above average and is currently 1.999 million traded shares and investors have continued to trade bullishly on SVNT.
SVNT operates as a specialty biopharmaceutical company in the U.S. and engages in development and commercialization of KRYSTEXXA for the treatment of chronic gout in adult patients’ refractory to conventional therapy. The drug has been making waves after SVNT announced that it is slated to present key post-marketing surveillance data describing the long-term safety data for KRYSTEXXA at the 2013 EULAR Congress in Madrid, Spain June 12-15.
The presentation is expected to pave the way for greater acceptance of the drug in the marketplace and Chief Medical Officer of SVNT, Kenneth Bahrt M.D. expressed confidence in this regard. “Data presented at this year’s EULAR Congress provide greater clarity around the safety data for KRYSTEXXA in the post-marketing setting,” said Dr Bahrt.
The big news on the day came when SVNT announced that it is set to raise the price of KRYSTEXXA to $5.390. This sent investor confidence northwards and SVNT has been rallying since.
The surge in investor interest has pushed SVNT past its SMA50 of 0.69 and the uptrend looks set to push market valuation closer to the stocks SMA200 of 1.18. RSI continues to be healthy with SVNT reflecting a figure of 60.19.
SVNT’s recent rally is part of a continuing rally which began last year and the stock has gained 60.42% on its 52-week low of 0.48 since July 2012. There are 73.61 million shares outstanding and institutions own 47% of the stock in SVNT.
The company’s market cap is $57.04 million.
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