This Small-Cap Biotech Rose as Much as 98.3% Today
Shares of Forty Seven (NASDAQ: FTSV) rose as much as 95.6% today after the company provided an encouraging update for its lead drug candidate at the Annual Meeting of the American Society of Hematology. The oddly named company is developing the monoclonal antibody magrolimab as a treatment for two rare blood disorders: myelodysplastic syndrome (MDS) and acute myeloid leukemia (AML).
The development-stage company also provided an update for FSI-174, a preclinical asset on track to advance to a phase 1 clinical trial in the first quarter of 2020. It will be studied as a combination therapy with magrolimab as a conditioning regimen ahead of hematopoietic stem cell (HSC) transplantation. The all-antibody approach could be a significant advance, as the current standard of care relies on chemotherapy or radiation treatment to wipe out a patient's HSCs ahead of a transplant.
As of 12:45 p.m. EST, the pharma stock had settled to a 83.7% gain.
Source Fool.com
