The Medicines Company Surrenders Early Gains After FDA Approval Of Vabomere

The Medicines Company MDCO shares are trading lower by $1.36 (3.5 percent) at $37.38 in Wednesday's session.

Before the open, the company announced it had received FDA approval of urinary tract infection drug, Vabomere.

That instigated a much higher open that had follow through to $40.40 before sharply reversing course. That exceeds its July 26 high ($39.44), but is well shy of its July 25 high ($43.79).

The ensuing decline took the stock beyond Tuesday's close ($38.74), but found intraday support just above Monday's low ($36.82) as $36.85 stands a the low for the session as of 10:56 a.m. EST.

So far, the rebound off that low has taken Medicines Company into the lower $37.00 handle.