Adamas Up 40% After FDA Approval Of Gocovri

Adamas Pharmaceuticals Inc (NASDAQ:ADMS) shares are trading higher by $6.00, or 42 percent, at $20.23 in Friday's session.

The catalyst for the rally is the FDA approval of GOCORVI for the treatment of Parkinson's disease.

See Also: Adamas Pharma's Gocovri Approved, A Welcome Addition To Parkinson's Treatments

After a much higher open, Adamas continued in that direction until peaking at $21.44. That marks the first time the stock has traded in the $20.00 handle since January 2016.

Profit-takers have come in and the stock has drifted lower. As of Noon EST, the low for the session stands at $19.71, but it has rebounded and has been consolidating in the lower $20.00 handle.