Shares of Neurocrine Biosciences leaped more than 22 percent Wednesday after the biotech firm announced federal approval of its drug for a movement disorder. The stock closed up over 24 percent.
Neurocrine announced late Tuesday that the Food and Drug Administration has approved Ingrezza, the only product for treatment of adults with tardive dyskinesia, or TD.
The condition is characterized by uncontrollable, abnormal and repetitive movements in certain upper body muscles caused by treatments often prescribed for mental illness, the drugmaker said in a release.
It said an estimated 500,000 Americans have the condition.
Neurocrine Biosciences extended-hours trade
Christoph U. Correll, professor of psychiatry and molecular medicine at the Hofstra Northwell School of Medicine, said in the release that Ingrezza "significantly and rapidly improved" symptoms compared to a placebo.
"These results, combined with convenient once-daily dosing, represent a tremendous breakthrough for patients suffering from TD," he said.
Neurocrine shares were up 33 percent year-to-date through Wednesday's close.