Why Did HCW Biologics Shares More Than Double Today?

Recently listed HCW Biologics Inc HCWB shares almost doubled during premarket Thursday, after FDA signed off Phase 1b trial of its lead candidate in pancreatic cancer.
The drug candidate, HCW9218, is an injectable, fusion protein complex designed to drive bifunctional, anti-tumor activity while simultaneously blocking unwanted immunosuppressive activities.
In preclinical studies, HCW9218 enhanced the anti-tumor efficacy of chemotherapy docetaxel and gemcitabine plus nab-paclitaxel against melanoma and pancreatic cancer, respectively, and simultaneously alleviated the off-target, unwanted effects of chemotherapies on normal tissues.
In animal models, HCW9218 also augmented anti-tumor activities of therapeutic and checkpoint antibodies.
Related content: Benzinga's Full FDA Calendar.
Price Action: HCWB shares are up 101.4% at $5.88 during the market session on the last check Thursday.