MedImmune rises 20% on hopes for new drug

January 13, 1995|By Dow Jones News Service

NEW YORK -- MedImmune Inc. stock rose 20 percent yesterday amid speculation that the biotechnology company might get federal approval for its respiratory drug sometime next year.

Morgan Stanley & Co. reiterated its rating yesterday that picks MedImmune to outperform the class of biotechnology stocks, expressing optimism on the company's lead drug candidate RespiGam.

MedImmune closed at $6.75, up $1.125 a share, on the Nasdaq stock market yesterday.

Yesterday's increase followed a 25-percent rise in the stock on Wednesday. The company said earlier this week that it expects to complete the final stage of human tests of the drug in April. The Food and Drug Administration could approve the drug sometime in 1996, the investment firm said.

RespiGam is being developed to treat respiratory syncytial virus, or RSV, a condition that can cause bronchial infection and pneumonia in infants and young children.

In December 1993, an FDA advisory panel recommended against approval of the drug, proposing MedImmune do further trials.

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