ANIP - Here's Why Ani Pharmaceuticals Stock Is Rocketing Higher Today
Shares of Ani Pharmaceuticals (NASDAQ: ANIP) took flight on Monday morning. The maker of generic and branded drugs delivered both a positive earnings report and some good news on the regulatory front -- the FDA has approved its generic version of Acthar Gel. Investors hoping for a big sales boost pushed the stock 52.4% higher as of 11:50 a.m. EDT.
The Acthar Gel brand generates roughly $700 million in sales annually for Mallinckrodt, a pharmaceutical company that filed for Chapter 11 bankruptcy protection in 2020 due to its heavy liabilities from opioid-related lawsuits and a settlement related to underpaying Medicaid rebates on Acthar.
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Here's Why Ani Pharmaceuticals Stock Is Rocketing Higher Today