Allergan (NYSE:AGN) Jumps on FDA Approval for Botox Spasm Treatment Application

Shares of Allergan (NYSE:AGN) are trading 1.6% higher to $62.34 Wednesday after the health-care company's Botox for reducing facial wrinkles was approved by the Food and Drug Administration to treat muscle spasms in the elbow, wrist and fingers.

"Muscles affected by spasticity have increased stiffness and tightness, which may lead to pain, difficulties with hygiene and other activities of daily living, and may affect how a patient looks," said Dr. Russell Katz, director of the FDA's division of neurology products.

The FDA stressed that Botox is not approved to treat spasms in the larger muscles of the arms or legs.

SmarTrend is bullish on shares of AGN and our subscribers were alerted to Buy on February 16, 2010 at $59.62. The stock has risen 4.8% since the alert was issued.