Shares of Regeneron Pharmaceuticals (REGN Quick QuoteREGN - Free Report) surged higher on Monday as speculation grew that the FDA will authorize its coronavirus treatment for emergency use.

REGN closed up over 7% to $605.08 per share. The pharma stock has gained about 23% over the past six months

Regeneron’s treatment was given to President Trump over the weekend after he was taken to Walter Reed Medical Center following his Covid-19 diagnosis. Trump’s doctors said he received an infusion of the company’s dual antibody treatment.

The drug is known as REGN-COV2, and is currently being evaluated in a trial that is studying its use in early coronavirus infections.

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