Why Celcuity Stock Was a Winner on Wednesday
Key Points
This is a breast cancer treatment, Revtorpyk.
It was approved by the FDA in July.
On a generally forgettable Wednesday for the stock market, with many titles dropping in value, Celcuity (NASDAQ: CELC) stood out by posting a gain. Investors bought into the company, which is moving from the clinical to the commercial stage with the launch of its first regulator-approved product. Celcuity's stock closed 2.8% higher, on a day when the S&P 500 index slid by 0.3%.
The inaugural commercial launch
Celcuity, a biotech focused on cancer treatments, announced that its Revtorpyk is now commercially available for eligible patients in the U.S. The drug received Food and Drug Administration (FDA) approval in July for certain forms of breast cancer.
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The company added that it has also launched Revtorpyk Support Services, a program that provides financial support and other services to both physicians and patients.
Celcuity said that breast cancer is the second most common cancer, with over two million cases diagnosed around the world in 2022. HR+/HER2 breast cancer, the type Revtorpyk is indicated for, comprises roughly 70% of all instances of the disease.
The market will decide
Since this affliction is so widespread, any weapon in the fight against it is sure to be put to good use.
Celcuity's first commercialized drug should be a success, so it's little wonder investors were eager to buy its equity on Wednesday (although the launch was largely priced into the stock). Now it'll be crucial for investors to monitor how well Revtorpyk does in the market.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.