OncoSec Medical (ONCS) Stock: Gains Big On Fast Track Designation

OncoSec Medical Inc (NASDAQ: ONCS)

OncoSec Medical is likely to have an incredibly strong day in the market today, if the pre-market movement on the stock is any indication of what we’re going to see. In the pre-market, the stock is climbing dramatically. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for ahead with regard to ONCS.

What We’re Seeing From ONCS

As mentioned above, OncoSec Medical is having an incredible time in the pre-market hours. Early this morning, the company released an update with information from the FDA, leading to pre-market gains. At the moment (8:44), ONCS is trading at $1.57 per share after a gain of $0.18 per share (12.95%) thus far today.

Why The Stock Is Gaining

As is almost always the case, our partners at Trade Ideas were the first to send the alert that ONCS was making a run for the top. As soon as the CNA Finance team received the alert, we started to dig to see exactly why the stock was up. It didn’t take long to dig up the story. The gains are the result of news surrounding a clinical candidate the company is working on.

Early this morning, OncoSec Medical informed investors that it has been granted Fast Track Designation by the FDA. The designation is for ImmunoPulse(R) IL-12. This treatment is potentially a first in class intratumeral anti-cancer gene therapy. In a statement, Punit Dhillon, President and CEO at ONCS, had the following to offer:

With the number of melanoma patients now being treated with either pembrolizumab or nivolumab in either the first or second-line settings, there will be an increasing number of patients who will not respond to therapy. Thus, there is a clear need for treatments that can rescue these patients and help them benefit from these immunotherapies… With the recent presentation of our interim data from our ongoing combination study with pembrolizumab in patients predicted not to respond to single-agent anti-PD-1 therapy, we are increasingly confident in ImmunoPulse(R) IL-12 to potentially convert ‘cold tumors to hot’ tumors to effectively and safely improve the response rates of these patients.”

What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on ONCS. In particular, we’ll be watching the continued evaluation of ImmunoPulse(R) IL-12, as this treatment could be a game changer for the company. We’ll keep a close eye on the news and continue to bring it to you as it breaks!

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