Critical Therapeutics (CRTX) is having a hell of a run today. The stock is up 31% to $3.50 on almost 11.8 million shares. At one point, the share hit $4.10.

The reason? The Food and Drug Administration approved its chronic asthma drug. Cowen & Co."predicted the franchise will bring the company $125 million in revenue in 2011." The product is marketed with Merck KGaA.

The stock increase brings the CRTX market cap to $150 million.

In the last quarter, the company had revenue of $3.5 million and an operating loss of $5.2 million. The company has about $45 million in cash.

Is the stock worth the much higher price. Perhaps. But, the company is small and investors might like to see it bought at this price. Takes away what appear to be a huge risk.

Douglas A. McIntyre