GAITHERSBURG -- MedImmune Inc. shares rose yesterday for a second day after the company's announcement Monday that it will soon complete Phase III trials for a new intravenous drug.
The drug, RSVIG-IV, is for the prevention of respiratory syncytial virus in high-risk infants. The virus is a leading cause of pneumonia and bronchiolitis. Phase III trials are typically the last before drugs are submitted to the Food and Drug Administration for approval.
The stock closed up yesterday $1.125, or 25 percent, at $5.625, in active Nasdaq trading of 513,200 shares, compared with its average three-month daily volume of about 40,000.
Alex. Brown analyst Kevin C. Tang said MedImmune management has been in New York the last two weeks giving shareholders a general update. Gaithersburg-based MedImmune makes therapeutics and vaccines for treating and inhibiting cancer and some infectious diseases.