EBS - Why Emergent BioSolutions Stock Is Soaring Today
2023-03-30 11:56:27 ET
Shares of Emergent BioSolutions (NYSE: EBS) were soaring 11% higher as of 11:13 a.m. ET on Thursday. The big gain came after the Food and Drug Administration (FDA) approved the company's Narcan on Wednesday as an over-the-counter (OTC) treatment for opioid overdoses.
It's understandable why the healthcare stock jumped after the FDA approval. The U.S. faces an opioid epidemic. On average, one person in the country dies every eight minutes from an opioid overdose. And the problem is worsening.
Emergent's Narcan has been available since 2016 as a prescription drug for opioid overdose. Since then, more than 44 million doses of the nasal spray have been distributed. The FDA approval for Narcan as an OTC product opens up a new market channel.
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Why Emergent BioSolutions Stock Is Soaring Today