Loxo Oncology Inc (NASDAQ: LOXO) is off to an incredibly strong time in the pre-market hours this morning, and for good reason. The company announced results with regard to a cancer treatment candidate, exciting investors and sending the stock upward. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (8:41), LOXO is trading at $69.50 per share after a gain of $19.52 per share or 39.85% thus far today.
LOXO Skyrockets On Cancer Drug Candidate Results
As mentioned above, Loxo Oncology is having an incredible time in the pre-market hours this morning after announcing results with regard to a cancer treatment candidate. The candidate, known as larotrectinib has successfully shrunk tumors in patients with a variety of cancers who share the same genetic defect.
During the trial, larotrectinib was given as a treatment to patients that suffered from one of 17 different types of cancer at an advanced stage. These cancers included rare cancers such as salivary-gland cancer and was assessed as a treatment for common cancers like lung cancer. The positive results of the clinical trial were released over the weekend at the 2017 American Society of Clinical Oncology (ASCO) annual meeting.
Stop wasting your time! Find winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on LOXO. In particular, we’re interested in following the company as it continues to push larotrectinib through to regulatory approval. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!