Adamis Pharma Stock Skyrockets After Rival EpiPen Product Gets FDA Approval

Adamis Pharmaceuticals Corp. shares soared 53% to a one-year high Thursday after the company's allergic reaction treatment, intended as a rival to Mylan's EpiPen , was approved by the Food and Drug Administration. Symjepi includes two syringes pre-filled with a dose each of epinephrine, which is used to treat allergic reactions. Adamis' news follows a scandal last summer over the escalating price of Mylan's EpiPen. After the fallout, Mylan released an authorized generic version of the EpiPen that cost less, or about $300 for a two-pack. CVS made an authorized generic for Impax Laboratories Inc.'s Adrenaclick available at about $100 for a two-pack early this year. Adamis did not say how much its Symjepi product would cost, only that it's anticipated to have a "lower cost." Adrenaclick is "unlikely to set the pricing of the marketplace as Adamis PFS enters," said Maxim analyst Jason Kolbert, since Adrenaclick is an older product, among other things. Adamis' product should launch by the middle of this summer, he said. Symjepi "may actually be a better, more user-friendly product (design-wise) versus EpiPen, Adrenaclick and AuviQ," which is made by Kaleo Inc., he said. "The market opportunity is large. Even with just moderate market share assumptions, PFS becomes a significant product." Adamis' syringe product previously failed to receive FDA approval in June 2016, with the FDA asking for more tests. The company said it is preparing to apply for approval for a children's version of Symjepi. Adamis shares have surged 24% over the last three months, compared with a 2% rise in the S&P 500 .