Benzinga | Jul 24, 2020 12:04PM EDT

Why AMAG's Stock Is Moving Today

AMAG Pharmaceuticals (NASDAQ:AMAG) shares are trading lower after the company announced it has entered into an exclusive licensing agreement with B.V. to commercialize Ciraparantag in Europe, Australia and New Zealand.

AMAG Pharmaceuticals primarily uses its nanoparticle technology to develop therapeutic compounds to treat anemia in patients suffering from chronic kidney disease, as well as imaging agents that assist in identifying cancerous tumors. The company recently received Food and Drug Administration approval for Feraheme, a novel iron replacement drug for CKD patients suffering from anemia, and also offers GastroMARK, an imaging aid used with magnetic resonance imaging.

AMAG shares were down 1.14% at $9.96 during the time of publication on Friday. The stock has a 52-week range between $13.53 and $4.41.