Why CTI Biopharma Stock Is Surging Today

Shares of CTI BioPharma (NASDAQ: CTIC) moved sharply higher after the drugmaker reported first-quarter results Friday morning. Investors were pleased with the initial sales figures for Vonjo, its first approved drug, and pushed the stock price 20.8% higher as of 11:22 a.m. ET.

On March 1, 2022, the FDA approved Vonjo to treat patients with myelofibrosis, a rare bone marrow disorder. During the clinical trial that led to its approval, 29% of patients treated with Vonjo achieved a significant improvement compared to just 3% of the placebo group. How well those study results would translate into product sales, though, was uncertain.

Despite launching during the last month of the three-month period, sales of Vonjo reached $2.3 million during the first quarter, and investors expect a great deal more before the year is through. Jakafi, a competing myelofibrosis treatment from Incyte (NASDAQ: INCY), is a blockbuster that generated $2.1 billion in sales last year.

Source Fool.com