Shares of Lipella Pharmaceuticals Inc.
LIPO,
rocketed 52.2% higher in very active tracing Friday, after the Pittsburgh-based biotechnology company’s investigational new drug application for its oral lichen planus treatment was approved by the U.S. Food and Drug Administration. Trading volume in the stock, which was the best performer on the major U.S. exchanges, blasted higher to 30.7 million shares, compared with the full-day average of about 6,400 shares. The stock has soared 150% in the three days since it last closed below the $1 mark, and has run up 164% amid a six-day winning streak. as Lipella described, OLP is a chronic, inflammatory autoimmune oral muscosal disease. It is a “highly morbid” condition with malignant potential that affects between 1% and 4% of the world population. Lipella’s stock has now gained 18.6% over the past three months, but was still 57% below its initial public offering price of $5.75; the company went public on Dec. 20.
