Shares of Ista Pharmaceuticals Inc. (ISTA) are up sharply, and on 12 times its normal volume (1.65 mln today vs 131K average). The eye-care specialist announced today that its Bromday eye drop treatment — a once-daily eye drop to treat inflammation and reduce ocular pain in patients following cataract extraction — won approval from the U.S. Food and Drug Administration, prompting the shares of the co., which expects to launch its newly approved drug prior to the end of 2010, to print their highest intraday price since September 2009.
Optimism from the announcement continues to prompt Ista shares higher by more than 6%, after rallying as much as 11% to $5.25 earlier.
Technically speaking, ISTA is trading above its 50-day moving average of $3.58 and its 200-day moving average of $3.48, now acting as support levels. The shares currently show a positive 52-wk change of 2.58%, but were showing negative before today’s gap higher. Since finding a bottom at the 2.25 level in late July, the equity has been in a steady uptrend mode.
ISTA Pharmaceuticals develops proprietary therapeutic products that save and improve eyesight.
At last check Ista shares were up 27 cents to $4.75, a gain of 6.43 percent.