On Friday, shares of InterMune were seen surging in anticipation of the approval of an experimental lung disease drug.
The Food and Drug Administration has given a positive signal to the drug in a trial, but the drug maker is still waiting for March 9 evaluations. A final judgment on the drug will be given by the FDA by May 4.
Morningstar Analyst, Lauren Migliore wrote, "While no new data have been released, investors seem satisfied with the content and tone of the briefing documents for the meeting".
Shareholders rejoiced as shares of InterMune increased 59.3% to close at $23.28.
The drug, pirfenidone or Esbriet, aims to treat idiopathic pulmonary fibrosis, an unusual disease that commonly leads to blemishes and inflammation of the lungs.
At present, the drug is only sold in Japan, but recently, InterMune has asked for permission to promote the drug in Europe where there is no drug for the treatment of IPF.
"Pirfenidone will be InterMune's ticket to breaking into the IPF market once and for all", said Migliore.
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