Why Aimmune Therapeutics Stock Jumped by 159% in August
Shares of the peanut allergy drugmaker Aimmune Therapeutics (NASDAQ: AIMT) jumped by a jaw-dropping 159% during August, according to data provided by S&P Global Market Intelligence. The biopharma's shares took flight last month after the announcement of a $2.6 billion merger agreement with multinational food and drink giant Nestle's (OTC: NSRGY) health science division.
Through this acquisition, Nestle will gain access to the groundbreaking peanut allergy medicine Palforzia, indicated for children ages 4 through 17. Palforzia was approved by the Food and Drug Administration on Jan. 31, but its commercial launch has gotten off to a rocky start so far because of the social distancing demanded by the COVID-19 pandemic. In fact, Aimmune recorded a paltry $575,000 in net product revenue during the drug's first quarter on the market.
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Source Fool.com
