KDMN - Here's Why Kadmon Holdings Stock Jumped Today
Shares of Kadmon Holdings (NYSE: KDMN), a biopharmaceutical company, jumped by as much as 25.1% Tuesday morning in response to a positive result from a pivotal study of its most valuable treatment candidate, KD025. Enthusiasm for the stock has faded somewhat during the afternoon, and as of 2:50 p.m. EST, its price was just 14.4% higher.
Kadmon badly needs a new product to sell because its only source of revenue at the moment is ribavirin, an obsolete antiviral formerly used to treat the hepatitis C virus. Investors breathed a sigh of relief Tuesday at the results from the KD025 trial.
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