Loxo Oncology Makes New All-Time High After Positive Results From Larotrectinib Trial

Loxo Oncology Inc LOXO shares are trading higher by $23.00 (47 percent) at $71.98 in Monday's session.

The catalyst for the rally is the announcement of a 76 percent-confirmed objective response rate for the trial of Larotrectinib for the treatment for multiple forms of cancer.

After a much higher open, Loxo's stock continued in that direction for nearly another $6.00 to $77.61 before attracting some profit-takers. That's over $26 higher than its former all-time high that was made in May at $51.01.

So far, the ensuing decline found support at $68.07 and hasn't rebounded back into the $70.00 handle. The rally is taking place on much higher than average, as 2.5 million shares have traded in the first 45 minutes of the session, which is more than triple Friday's volume of 822,000.