Here's Why Lannett Stock Is Soaring Today
Shares of Lannett Company (NYSE: LCI) rose as much as 46.8% today after the company made several announcements. First, the generic drug specialist said it would advise Cediprof on how best to proceed with efforts to commercialize generic drug products in the United States. The deal has the potential to provide services revenue and deepen the pair's working relationship, which could land Lannett lucrative manufacturing, supply, and distribution deals.
Second, the business announced it had entered into a new agreement to become the exclusive U.S. distributor of posaconazole delayed-release tablets, an antifungal medication, from Sinotherapeutics of China. Third, Lannett Company announced fiscal full-year 2019 operating results that exceeded expectations and provided fiscal full-year 2020 guidance far ahead of what Wall Street was expecting.
As of 12:23 p.m. EDT on Wednesday, the stock had settled to a 39.6% gain.
Source Fool.com
