Why Are I-Mab Shares Trading Higher On Tuesday?

The Center for Drug Evaluation of China National Medical Products Administration has signed off I-Mab's IMAB IND application to initiate a Phase 2 trial for enoblituzumab in solid tumors.
The trial will evaluate enoblituzumab combined with Merck & Co Inc's MRK Keytruda (pembrolizumab) in patients with selected solid tumors in China.
I-Mab has in-licensed the rights to exclusively develop and commercialize enoblituzumab in Greater China from MacroGenics Inc MGNX.
Enoblituzumab is an investigational Fc-optimized monoclonal antibody that targets B7-H3.
Many different tumor types widely express B7-H3.
Related content: Benzinga's Full FDA Calendar.
Price Action: IMAB stock is up 7.10% at $74.99 during the premarket session on the last check Tuesday.