NEW YORK, NY / ACCESSWIRE / December 12, 2018 / Shares of MYOS RENS and Corcept Therapeutics were two biotech stocks seeing huge gains in Tuesday’s trading session. MYOS RENS shares soared after news of its product being launched with The Vitamin Shoppe. The fact that a generic version of Corcept Therapeutics’ Korlym drug may not happen for a while had traders cheering and sending the stock higher.
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MYOS RENS Technology Inc.
Corcept Therapeutics Incorporated
MYOS RENS Technology Inc. shares closed up 58.88% yesterday on tremendous trading volume compared to usual. The stock traded a little over 23 million shares compared to an average trading volume of just under 31,000 shares. The big jump came after Wall Street learned of a new product launch with The Vitamin Shoppe. MYOS said yesterday that The Vitamin Shoppe® will distribute MYOS' muscle-enhancing sports nutrition product line, 'Yolked®' formulated with Fortetropin®. The Vitamin Shoppe® will be the first retailer to carry Yolked® at its 775 store locations across the U.S. and online at vitaminshoppe.com later this month. Joseph Mannello, Chief Executive Officer of MYOS, stated, "We are very pleased to partner with The Vitamin Shoppe®, one of the largest and most respected companies in the industry, whose customers have an overwhelming demand for new, safe, all-natural and effective nutritional supplement products. The Vitamin Shoppe® recognizes that Yolked®, formulated with Fortetropin®, is not only great-tasting and good for you– it is also protein's perfect partner in that it enables the body to utilize protein more efficiently to build muscle mass and size. Yolked greatly complements the growing protein categories and we believe it will draw additional consumers to the segment."
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Corcept Therapeutics Incorporated shares closed up 32.28% on Tuesday with around 8.1 million shares traded. Average trading volume for the stock is just a little over one million shares. Although the commercial stage biopharmaceutical company did not have any immediate news yesterday, traders may have been enthusiastic over the fact that a generic version of the company's lead product Korlym is a long way off from happening. The company is expecting sales of Korlym to finish the year 57% higher than a year earlier. In the first nine months of the year the company saw $184 million in revenue for Korlym. The company announced in November that it has dosed first patient in the phase III study of relacorilant, to treat patients with Cushing’s syndrome. Relacorilant is the follow-up to Korlym. The study, which is expected to end in late 2020, is called “GRACE” and is expected to enroll 130 patients with Cushing’s syndrome at sites in the United States, Canada and Europe.
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