VYNE Therapeutics Inc. (NASDAQ: VYNE) shares boomed in the pre-market session today as they rocketed 65.8% to $3.10. During the previous five days, the stock price performance for VYNE stock ranged from $1.6250 to $1.9900, with a total gain of 11.9% during the period. Meanwhile, this stock’s trading price has fluctuated between $1.5600 and $1.9900 during the past month, generating a +6.21% change during that period. This stock’s price changed by -2.08% in the last three months, trading between $1.5600 and $1.9900.
What was new with the stock?
The company announced the execution of a contract with a major PBM for the manufacture of its novel topical foam products, AMZEEQ topical foam, 4%, and ZILXI topical foam, 1.5%. It is the first-of-its-kind topical minocycline approved by the U.S. Food and Drug Administration for any condition, with indications for inflammatory lesions of mild to moderate acne vulgaris in adults and children 9 years and older. A new minocycline drug named ZILXI has been FDA approved for the treatment of inflammatory lesions associated with rosacea in adults. ZILXI is among the first minocycline products to receive approval for use in rosacea.
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The PBM under contract represents millions of covered lives, making it one of the largest pharmacy benefit managers in the U.S.
As an anti-inflammatory and anti-bacterial antibiotic with broad-spectrum activity, minocycline has not previously been available as a topical treatment because of its instability in traditional formulations. Using its proprietary Molecule Stabilizing Technology platform, VYNE has enhanced its proprietary Minocycline delivery system by creating foam-based vehicles containing natural ingredients such as coconut and soybean oil that are free from surfactants and drying agents.
The FDA approved ZILXI in May 2020, and the FDA approved AMZEEQ in October 2019. Both products are available nationwide.
How did insiders act recently with the VYNE stock?
Within the last six months, VYNE Therapeutics Inc.’s insiders have bought and sold more than 51.42% of the company’s stock. In the wake of these transactions, insiders in VYNE Therapeutics Inc. have now amassed 5.55M shares, which exceeds 49.72% of the total company stock.