Savient shares climb after Reuters ahead on FDA drug approval

Reuters was out front with news that FDA staff regulators found Savient’s gout drug effective despite some safety concerns. Shares of the biotech company soared as much as 60 percent as investors said they welcomed news that was not as negative as had been expected. The drug, Krystexxa, is key for the company as it could become its second U.S.-approved product. We were 30 minutes ahead of Dow Jones and unmatched by Bloomberg, which could not match the headlines. Four days later Savient shares climbed another 28 percent after an FDA advisory panel recommended approval of what could be its second U.S. product. Reuters was unmatched by Bloomberg and more than a minute ahead of Dow Jones with that news. Altogether, the stock more than doubled in about a week.