ICN Pharmaceuticals of Costa Mesa topped the New York Stock Exchange's most active list Tuesday following news that Canadian authorities had approved the drug Virazole for treating respiratory syncytial virus, or RSV, a rare infant disease.
The company's anti-viral drug, which last December was approved by the U.S. Food and Drug Administration for treating the same ailment, is also being tested as a possible medication for acquired immune deficiency syndrome.
Tuesday marked the fifth consecutive trading day that shares of the drug company have made the most active list. A total of 1.85 million shares were traded Tuesday, and the stock closed at $30, up $1.62 1/2 a share.
Last week, ICN shot up 67% following a bullish recommendation by a Paine Webber analyst, who predicted that by year-end, ICN will seek federal approval of Virazole for treating AIDS, as well as influenza.