Shares of biopharmaceutical company ANI Pharmaceuticals (NASDAQ:ANIP) are soaring higher today after the U.S. Food and Drug Administration (FDA) approved the company’s abbreviated new drug application for nitrofurantoin oral suspension.
The product is a generic version of Furadantin oral suspension and according to IQVIA/IMS Health has a market size of $55.5 million in the U.S.
Importantly, ANI remains focused on bringing products with limited competition on the market and with this approval, further bolsters its generics business.
Today’s price gains further build up on the 4.3% rise in ANIP shares over the past five sessions. Additionally, a beta of 0.81 indicates ANIP shares are less prone to broader market gyrations.
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