Shares of Clinical Data, Inc (CLDA) are trading up 58.15% at $23.77 per share during the Monday morning trading session. The stock broke out to the upside earlier, rallying as high as 60%, after the biotech company said the U.S. Food and Drug Administration approved the co.’s antidepressant Vilazodone HC1 to be marketed under the brand name Viibryd for the treatment of adults with major depressive disorder.
The Newton, Mass. diagnostics testing firm said the drug should be available in U.S. pharmacies in the second quarter.
Clinical Data’s shares were up 40 percent at $21 before the bell. They closed at $15.03 on Friday on Nasdaq. Volume in the name has exploded with more than 8.3 million shares already trading hands compared to a daily average volume of just 240,000. The day’s trading range for the ticker has been between $22.90 and $25.35 per share. CLDA has a market cap of $703M and a 50-day moving average of $17.01.
At last check, shares of CLDA were up $8.43 to $23.50, a gain of 56.35%.
Clinical Data, Incorporated operates as a global biotechnology company developing early and late stage targeted therapeutics. The company was founded in 1969.