Why Longeveron Stock Is Skyrocketing Today

Shares of Longeveron (NASDAQ: LGVN) were skyrocketing 72.9% as of 11:51 a.m. ET on Wednesday after more than doubling earlier in the day. The company didn't report any new developments. So what's behind the huge gain?

An epic short squeeze appears to be underway. Longeveron announced on Nov. 18 that the U.S. Food and Drug Administration (FDA) granted a Rare Pediatric Disease designation to experimental drug Lomecel-B in treating a rare congenital heart defect. Since then, the company's shares have vaulted close to 11 times higher. The big increase was fueled by short-sellers closing their positions.

Image source: Getty Images.

Source Fool.com