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One of the best-performing stocks in the market in recent weeks has been Longeveron (NASDAQ:LGVN). Today, LGVN stock is soaring once again, up nearly 80% at the time of writing, on five times the average daily volume of shares.

Among speculative biotech stocks, Longeveron continues to outperform the market by a wide margin. Trading at only $3 per share a week ago, shares of LGVN stock have skyrocketed to more than $30 per share today.

This week-long move was initially inspired by a key update from the Food and Drug Administration (FDA). The FDA approved Longeveron's Lomacel-B drug for a Rare Pediatric Disease (RPD) designation.

This means that the company's clinical trials will accelerate. Based on the data presented, Longeveron's window to bring this drug to market has been reduced. Additionally, other drugs in the company's pipeline could receive priority vouchers to be reviewed within six months, rather than the typical 10 months. For a biotech stock, this is a big deal.

It appears the run-up in this company's stock price is a continuation of this trade. However, for those interested in what Longeveron does, let's dive into a few things to know.

What to Know About LGVN Stock

• Longeveron is a clinical-stage biotech company focused on finding therapies for life-threatening conditions.

• Indeed, the company's focus on finding regenerative medicine approaches is one investors seem to like.

• The company's Lomacel-B drug candidate is among the company's leading prospective drugs.

• However, the company has a pipeline of other drugs investors are growing increasingly bullish on.

• The aforementioned FDA RPD designation appears to have boosted the value of the company's drug portfolio dramatically.

• The timeline to bring drugs to market is a key determining factor of how biotech stocks are valued.

• Accordingly, investors seem like like LGVN stock in the context of these recent announcements.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.