Wall Street Is Still Biting at Premier Laser Stock
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Premier Laser Systems Inc. stock surged Friday for the third straight day in heavy trading amid optimism over a dental laser system that received federal approval this week for removing tooth decay.
Shares of the Irvine-based maker of medical and dental lasers climbed $3, or 27%, to $14 on volume of 12.8 million shares, making the stock one of the most active on U.S. exchanges.
Premier Laser’s stock has more than doubled in price in three days of hectic trading in the wake of the Food and Drug Administration’s announcement that the company’s Centauri laser system is the first to be approved for working on tooth decay and preparing teeth for a filling. The shares closed at $6.75 on Tuesday, the day before the announcement.
The laser system could revolutionize the industry, introducing a relatively pain-free alternative to conventional drills and eliminating the need for anesthetics.
Other companies with competing lasers are thought to be at least 1 1/2 years from winning FDA approval.
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