(Bloomberg) – Solenotherapies jumped Thursday after drugmakers gained approval for a drug to treat insatiable hunger caused by genetic disorders.
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Stocks in Redwood City, California have raised its largest daily profit since September 2023, 38% to its highest level in over eight years.
The Food and Drug Administration has approved Soleno’s medication to treat bulimia, a condition in adults and children over the age of four, where individuals feel that they are always hungry and never satisfied. This condition is a characteristic of a hereditary disorder known as Prader-Willi syndrome. This does not cure and affects one in 10,000 to 30,000 children, according to the National Institutes of Health.
The drug, called Vykat XR, is the first treatment to almost coordinate regulatory approvals to address the extreme hunger associated with Prader-Willi. It is also a milestone for Soleno as the regulator is the first drug the company has been approved since its release in 2014.
Wall Street analysts cheer on approval, calling it a big win for the stock and are hoping for the company’s powerful drug launch. Soleno expects tablets to be available in the US from April.
“We believe the drug is well positioned to begin strongly with what is considered a big hit opportunity,” Stifel analyst James Condulis wrote in a note to his client, recommending investors own the stock.
(Closing price updates throughout.)
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