Why Five Prime Therapeutics Stock Is on Fire Today

Shares of the clinical-stage biotech Five Prime Therapeutics (NASDAQ: FPRX) are up by a jaw-dropping 364% in pre-market trading Wednesday morning. The biotech's stock is popping in response to positive midstage trial results for the stomach cancer drug candidate bemarituzumab.

Specifically, Five Prime and partner Zai Lab (NASDAQ: ZLAB) reported that the combination of bemarituzumab and mFOLFOX6 chemotherapy beat out placebo plus mFOLFOX6 on three efficacy endpoints -- median progression-free survival, median overall survival, and overall response rate -- in patients with fibroblast growth factor receptor 2b-positive, HER2-negative front-line advanced gastric or gastroesophageal junction cancer. Zai Lab owns the drug's developmental and commercial rights within China through a licensing deal with Five Prime.  

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Source Fool.com