By Ryan Vlastelica
NEW YORK (Reuters) - Galmed Pharmaceuticals Ltd soared on Tuesday after the company said the Food and Drug Administration had granted fast track designation for its product candidate, aramchol, designed to treat non-alcoholic steato-hepatitis.
The stock jumped 42 percent to $9.23, the biggest gainer on the Nasdaq and by far the stock's biggest daily increase ever. The stock moved on volume of about 3.25 million shares, its busiest day ever. The stock's 50-day average volume is slightly less than 26,000 shares.
Despite the day's advance, the stock is down almost 48 percent since it went public in March.
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