Miragen Therapeutics Inc (MGEN) Receives Orphan Drug Designation by FDA; Stock Up 23.64%

Friday, July 24, 2020 10:04 AM | Nick Dey

Miragen Therapeutics Inc (MGEN) is trading up 23.64% at $1.36 per share so far Friday. MGEN stock is up sharply after the company announced that their drug cobomarsen, used for the treatment of T-cell lymphoma, has been granted orphan drug designation by the FDA. Orphan drug designation is granted by the FDA to drugs that demonstrate the potential to treat/diagnos rare diseases which affect fewer that 200,000 people in the US.

Miragen Therapeutics Inc (MGEN) stock is down -33.66% over the last 12 months, and the average rating from Wall Street analysts is a Strong Buy. InvestorsObserver’s proprietary scoring system, gives MGEN stock a score of 67 out of a possible 100.

That score is chiefly influenced by a fundamental score of 88. In addition to the average rating from Wall Street analysts, MGEN stock has a mean target price of 5.2. This means analysts expect the stock to rise 282.35% over the next 12 months. MGEN’s score also includes a short-term technical score of 61. The long-term technical score for MGEN is 53.

What’s Happening with MGEN Stock Today

Miragen Therapeutics Inc (MGEN) stock is trading at $1.36 as of 9:55 AM on Friday, Jul 24, a gain of $0.27, or 24.2% from the previous closing price of $1.10. The stock has traded between $1.34 and $1.61 so far today. Volume today is more active than usual. So far 14,549,218 shares have traded compared to average volume of 3,010,783 shares.

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