Kala Pharmaceuticals is still in Beast Mode

(24/7 MARKET NEWS) – 24/7 Market News has covered Kala Pharmaceuticals, Inc. (NASDAQ: KALA), including last week’s announcement that the FDA accepted an investigational new drug (IND) application for the company’s lead product candidate, KPI-012, a human mesenchymal stem cell secretome (MSC-S), initially in development for the treatment of persistent corneal epithelial defect (PCED).

At the time, Kala Pharmaceuticals was trading at $5.26, but by Friday it hit $45.70 in the premarket. Friday morning, we stated that, ideally, it should stabilize near that level to form a new support level, before it makes a run to higher levels.

Kala opened today at $28.52 and already hit a high of$56.7199. It’s now at $50.7575, up $18.8075 (+58.87%), on 10.6 million shares traded.

Its 52-week range is $3.5444 to $97.00. It’s now trading at levels it last reached in April and has a favorable setup to potentially challenge much higher trading levels.

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