Cumberland Pharmaceuticals Inc‘s (CPIX) shares spiked 30 percent after the company said the U.S. Food and Drug Administration approved its latest treatment for acetaminophen poisoning. The stock is currently sitting on a gain of nearly 27%, as it continues to maintain its rally along its 50-day and 200-day moving averages.
Volume has exploded ; less than 2 hrs into the session CPIX has already traded 900,000 shares, well above the daily average volume of 72,000 shares.
Cumbarland Pharmaceutical’s stock opened at $6.87 on Friday. The equity, which currently trades at a trailing P/E of 74.69, a forward multiple of 21.09 and a price-to-earnings ratio of 0.73, has a 52 week range of $4.70 to $14.52. Cumberland has a market cap of $145 million.
At last check, CPIX was up $1.46, or 26%, to $7.13. The day’s trading range for the ticker has been between $6.87 and $7.48 per share.
Cumberland Pharmaceuticals Inc. is a Tennessee-based specialty pharmaceutical company focused on the acquisition, development and commercialization of branded prescription products.