Investors in Adamis Pharmaceuticals Corp. (NASDAQ:$ADMP) were probably celebrating yesterday as the company’s shares flew through the roof by a whopping 53%, hitting a one-year high. The rise was largely due to Adamis’ announcement that its drug to treat allergies — rivalling Mylan’s (NASDAQ:$MYL) widely-used allergy drug EpiPen — was approved for the market by the U.S. Food and Drug Administration (FDA). The drug, called Symjepi, is made up of two syringes each filled with a dose of epinephrine.

It seems as if the drug, once widely distributed, could become more popular than Mylan’s EpiPen, as the Admais’ announcement of its newly-approved FDA drug came a year after a scandal on the fast-rising price of the EpiPen. As a result, Mylan had released an authorized generic version of EpiPen that costed about $300 for a two-pack. CVS Pharmacy (NYSE:$CVS), a retail pharmacy and health-care company, then made an authorized generic version of Impax Laboratories Inc.’s (NASDAQ:$IPXL) Adrenaclick — also similar to the EpiPen — to cost around $100 for a two pack. Adamis’ Symjepi will need to either cost cheaper or work a lot better than these similar products in order to succeed in the market.

So far, Adamis has not released how much Symjepi will cost, but have expected it to be lower than at least EpiPen. When it comes to rivals such as Adrenaclick, Maxim analyst Jason Kolbert comments that it is unlikely that the price of the drug will set the marketplace’s pricing as Adamis enters the market with its new drug, since Adrenaclick is an older product. As well, Kolbert added, Adamis’ Symjepi has the potential to be better and more user-friendly than most similar allergic reaction treatments already in the market such as EpiPen, Adrenaclick, and Kaleo Inc.’s (traded privately) AuviQ. Market opportunity still remains pretty large, Kolbert said. Even with only moderate market share assumptions, the Symjepi can become a quite a big product.

Adamis’ Symjepi is expected to go on the market by the middle of summer 2017, Kolbert added.

The Symjepi had previously failed to gain FDA approval back in June 2016 as the FDA asked the company for more tests and data, so this is an exciting time for Adamis. The company has also released that it is currently preparing to gain FDA approval for a kid-friendly version of Symjepi — if the approval goes through, Adamis’ shares will most likely soar again.

For the past three months, Adamis shares have risen by 24%. This is quite a number compared to S&P 500’s (INDEXSP:$.INX) 2% rise.

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