Ionis Posting Strong Gain After FDA Approves Spinraza

(RTTNews) - Shares of Ionis Pharmaceuticals (IONS) have shown a strong move to the upside during trading on Tuesday, surging up by 3.4 percent. Earlier in the day, Ionis reached its best intraday level in almost a year.

The jump by Ionis comes after the biopharmaceutical company announced the FDA has approved Spinraza under Priority Review for the treatment of spinal muscular atrophy in pediatric and adult patients.

Spinraza was discovered and developed by Ionis and Biogen (BIIB) and licensed to Biogen, which is responsible for future development, manufacturing, and commercialization of the drug.