OPK - Why Shares of Opko Health Jumped on Thursday
2023-06-29 15:51:58 ET
Shares of Opko Health (NASDAQ: OPK) were up more than 11% around 2:30 p.m. ET on Thursday. The healthcare company announced after the markets closed on Wednesday that a treatment for pediatric growth hormone deficiency that it was developing with Pfizer has been approved by the Food and Drug Administration (FDA). Opko's shares are up more than 53% so far this year.
The FDA approved Ngenla (somatrogon-ghla), a once-weekly treatment for pediatric growth hormone deficiency (GHD), following a positive phase 3 study for the therapy. In the study, the drug was compared to once-daily somatropin and met its primary endpoint compared to Pfizer therapy Genotropin (somatropin), as measured by the subjects' height increase at a year. The drug also was generally well tolerated, Opko said, and had a similar safety profile to somatropin. The drug is expected to be launched by this August, Opko said.
GHD is a rare genetic condition that occurs when the pituitary gland doesn't make enough growth hormone. It affects only 1 in approximately 4,000 to 10,000 children.
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Why Shares of Opko Health Jumped on Thursday