On a day where there is carnage all over Wall Street, Imprimis Pharmaceuticals, Inc. (NASDAQ:IMMY) is surging, spurred on by news that it is now dispensing preservative-free dorzolamide and a preservative-free dorzolamide/timolol formulation for glaucoma nationwide and throughout Puerto Rico. The distribution is a big deal considering dorzolamide and its branded versions, Cosopt and Cosopt PF, were added to the U.S. Food and Drug Administration's Shortage List on January 24, 2018.
About four million prescriptions were written for the sterile topical medications in 2017 to provide relief from the chronic and potentially blinding disease. A drug will remain on the FDA Shortage List until FDA staff determine that the market is covered based on information from all manufacturers. Several drugmakers are listed alongside dorzolamide, including Akorn (NASDAQ:AKRX), Teva Pharmaceuticals (NASDAQ:TEVA), Merck (NYSE:MRK), Valeant (NASDAQ:VRX)(TSX:VRX) and Sandoz.
Shareholders are cheering the news that may goose sales during the first quarter for Imprimis, sending shares to their highest level since October 19. As happened on that occasion too, shares hit their 50 day moving average and fell, although still holding a solid gain on the day. After closing Monday at $1.68, shares shot as high as $2.39 in Tuesday action before settling the day at $1.92 for a gain of 14.3%, making it one of the best performing Nasdaq-listed stocks.
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