Why Veru Stock Triumphed on Tuesday

Veru (NASDAQ: VERU), an oncology-focused biotech, saw its share price leap by over 20% on Tuesday, crushing not only the top stock market indexes, but also many peers in its sector. The reason why was clear: The company received an important regulatory nod for one of its key pipeline projects.

In a press release published on Monday, Veru announced that the Food and Drug Administration (FDA) has granted Fast Track designation for the phase 3 registration program of its enobosarm. This is a selective androgen receptor agonist, administered orally, that targets certain forms of breast cancer.

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Source Fool.com