Why Adamas Pharmaceuticals Inc Stock Skyrocketed Today
Shares of Adamas Pharmaceuticals (NASDAQ: ADMS) have skyrocketed today, up 42.3% as of 12:02 p.m. EDT, after the company announced yesterday evening that the Food and Drug Administration approved Gocovri, the biotech's drug for treating dyskinesia in patients with Parkinson's disease.
Dykinesia is uncontrolled involuntary movements, which are caused by levodopa-based therapies that Parkinson's disease patients take to control their main symptoms. It's the first drug approved for the indication, but there's a catch here. The active ingredient in Gocovri is amantadine, which is available as a cheap generic. Generic amantadine isn't approved for the indication, but doctors prescribe the drug off-label to treat Parkinson's disease patients with dykinesia nevertheless.
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Source: Fool.com
