On Tuesday, the Surface Oncology (NASDAQ: SURF) stock had been on a strong move during the pre-market trading period and this morning, the stock has started in the same vein in premarket trading.
The Surface Oncology stock is already up by as high as 14% so far this morning and much of that has been triggered by a favorable decision from the United States Food and Drug Administration. Yesterday, the company announced that the regulatory awarded its pancreatic cancer treatment product SRF617 orphan drug designation.
It is a major development for the company and it was no surprise when the stock soared. Due to the inherent advantages of orphan drugs, starting from tax credits to government incentives, it is a significant boost for Surface Oncology. Orphan drug designation is generally awarded to products that treat rare conditions. It now remains to be seen if the stock continues to add to its gains over the coming days.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.