Elanco Animal Health (NYSE: ELAN) had some happy news to report after market hours on Thursday. And today, investors rewarded the pet-care specialist with a tasty treat: a rally in its share price. Elanco stock rocketed almost 12% higher on the day, blowing far past the basically flat performance of the S&P 500 index.

Elanco reported (no doubt joyfully) that the U.S. Environmental Protection Agency (EPA) -- supported by the Food and Drug Administration -- has indicated continued approval of a key company product: the Seresto flea and tick collar for dogs and cats.

From what the specialty healthcare company wrote, the EPA sifted through incident data on the product, comparing this to the results of other EPA-registered goods. The regulator found that the most common negative effects had to do with the animals' skin, such as irritation around the region where the collar was worn.

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Source Fool.com