Shares of Compugen (NASDAQ: CGEN) rose as much as 18.5% on Thursday. The stock closed at $0.6524 on Wednesday and opened at $0.70 on Thursday, rising to a daily high of $0.77 around 2:30 p.m. EST before coming down quite a bit, to $0.68, at the close. The stock is down more than 83% so far this year.

The biotech company benefited from a good day in the markets for growth stocks. Compugen, which focuses on immuno-oncology therapies to treat cancer, has had promising news this month for COM701, the lead therapy in its pipeline. The drug, which acts as an anti-PVRIG modulator in solid tumor cells, fared well in a phase 1 trial as a combination therapy with nivolumab to treat ovarian cancer patients who have had chemotherapy.

COM701 has also shown potential in early trials as a combination therapy to treat microsatellite stable colorectal cancer.

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Source Fool.com