Shares of Longeveron Inc. blasted 120.9% higher on very active morning trading Thursday, after the biotechnology company said its Lomecel-B for the treatment of a congenital heart defect in infants (Hypoplastic Left Heart Syndrome) affecting about 1,000 babies a year was granted rare pediatric disease (RPD) designation by the Food and Drug Administration. Trading volume exploded to 112.0 million shares, compared with the full-day average of about 110,000 shares. The stock was both the biggest gainer and most active on major U.S. exchanges. The company said Lomecel-B is currently being evaluated in a Phase 2 trial. Despite the rally, the stock, which went public in February, was still trading well below the initial public offering price of $10 a share. The stock has now climbed 77.7% over the past three months, while the iShares Nasdaq Biotechnology ETF has slipped 8.8% and the S&P 500 has gained 6.4%.
The U.S. leading economic index jumped 0.9% in October and pointed toward a pickup in growth toward the end of 2021, the Conference Board said Thursday. "The U.S. LEI rose sharply in October suggesting the current economic expansion will continue into 2022 and may even gain some momentum in the final months of this year," said Ataman Ozyildirim, director of business cycles research at the board. The one caveat: Rising Covid cases in parts of the Northeast and Midwest. That could mar an otherwise strong finish to the year. The leading index had increased just 0.1% in September and 0.7% in August. The LEI is a weighted gauge of 10 indicators designed to signal business-cycle peaks and valleys.