01:30 PM EDT, 04/03/2024 (MT Newswires) -- (Updates with recent stock's movement in headline and first paragraph)

Vanda Pharmaceuticals ( VNDA ) shares soared more than 33% in recent Wednesday trading after the US Food and Drug Administration approved the company's antipsychotic agent Fanapt for the acute treatment of bipolar I disorder patients with manic or mixed episodes.

The approval was based on data from a pivotal study which showed that the use of the drug led to a larger improvement in patients than placebo, the company said late Tuesday.

The drug has been previously approved as treatment for schizophrenia.

Price: 5.21, Change: +1.30, Percent Change: +33.28