Novartis (NYSE: NVS) experienced a nearly 3% rise in share price following the FDA’s approval of its medication, Itvisma, for certain forms of spinal muscular atrophy (SMA), surpassing the S&P 500’s 0.9% gain that session. The approval designates Itvisma as the first and only gene replacement therapy for SMA, applicable to patients aged two years and older. This development highlights the potential impact of drug approvals on pharmaceutical stock performance.
