Why Elevation Oncology Stock Is Rising

Elevation Oncology Inc ELEV shares are trading higher Wednesday after the company announced the U.S. Food and Drug Administration granted Fast Track designation to seribantumab for the tumor-agnostic treatment of advanced solid tumors that harbor NRG1 gene fusions.

Seribantumab is a fully human IgG2 monoclonal antibody that binds to human epidermal growth factor receptor 3. The NRG1 gene fusion is a rare genomic alteration that combines NRG1 with another partner protein to create chimeric NRG1 "fusion proteins."

"There are currently no approved therapies that specifically target NRG1 fusions, and therefore, receipt of Fast Track designation in a tumor-agnostic setting is a significant step in addressing this unmet need," said Shawn Leland, founder and CEO of Elevation Oncology.

Elevation is a clinical stage biopharmaceutical company focused on the development of precision medicines for patients with genomically defined cancers.

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ELEV 52-Week Range: $2.27 - $16.22 

The stock was up 14.8% at $4.03 at press time, according to data from Benzinga Pro.

Photo: jarmoluk from Pixabay.