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Esperion Therapeutics Rockets 70% Higher After Big Selloff

Esperion Therapeutics Rockets 70% Higher After Big Selloff

Esperion Therapeutics Inc (NASDAQ: ESPR) shares are trading higher by $15.40 (66 percent) at $39.07 in Monday's session. In one of most dramatic two-day turnarounds in recent memory, the stock has nearly doubled since its early morning low Friday at $20.39.

Friday's plunge was attributed to Amgen's (NASDAQ: AMGN) poor Repatha results for treatment of high cholesterol In a case of throwing the baby out with the bath water, the issue was punished since it was working on a competing drug along with Regeneron Pharmaceuticals (NASDAQ: REGN). While Amgen is flat in today's session, Regeneron has recouped about $1 of its steep decline.

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Meanwhile, shareholders of Esperion that didn't abandon the issue are being rewarded in today's session. Before the open, the company received FDA confirmation regarding regulatory pathway approval for An LDL-C lowering indication for Bempedoic Acid.

The stock's much higher opening print of $32.10 (vs. Friday's close of $23.67) has turned out to be the low for the session. The continuation rally took the issue to $39.40, but has backed off to the $39.00 area. The current high corresponds with its September 28, 2015 high of $39.23. The following day, the issue swooned to$18.33, following an update on ETC-1002 Phase 3 strategy after the review of End-of-Phase 2 meeting minutes.

Editor's note: At time of publication, the stock was up $16.54 (69.8 percent) at $40.21.

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