LGVN - Longeveron stock jumps 29% on FDA orphan designation to Lomecel-B

Longeveron (NASDAQ:LGVN) soars 29.1% premarket after FDA granted orphan designation to Lomecel-B, its allogeneic bone marrow-derived mesenchymal stromal cells, or MSCs, as a treatment of Hypoplastic Left Heart Syndrome. Among the benefits of Orphan Drug status in the U.S. is a seven-year period of market exclusivity for the indication, if approved. Over the past month, LGVN stock rallied ~375% following social media-created short squeeze buzz. "The company's stock surged >$40 - from a price of ~$3 - as short sellers rushed to buy back stock after Longeveron secured a Rare Pediatric Disease designation", says Seeking Alpha contributor Edmund Ingham in his article. However, over the past week the stock fell ~41% with last close of $18. Below is an overview of company's Lomecel-B pipeline: Recently, the company announced mid-stage trial results for Lomecel-B in aging.

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Longeveron stock jumps 29% on FDA orphan designation to Lomecel-B