Shares of pico cap Dara Biosciences (DARA +21%) jump on a massive 16x spike in volume in response the FDA's designation of KRN5500 as an Orphan Drug for the treatment of multiple myeloma. The compound is a non-narcotic non-opioid spicamycin derivative in development for chronic chemotherapy-induced peripheral neuropathy, an indication for which it was designated an Orphan Drug earlier this year. The FDA designated it a Fast Track program in 2011.
The company's market cap is only $12M. As with all investments, retail investors should do thorough due diligence here before considering deploying capital.