FATE - Why Fate Therapeutics Stock Is Skyrocketing Today
Shares of Fate Therapeutics (NASDAQ: FATE) were skyrocketing 47.3% higher as of 11:43 a.m. EST on Monday. The huge jump came after the biotech announced positive interim data from an early-stage study of experimental cancer immunotherapy FT516 on Friday. Fate followed up with a presentation of an encouraging case study of a patient receiving another cancer immunotherapy, FT596, on Saturday at the American Society of Hematology (ASH) annual meeting.
As you might expect with the tremendous gains for the biotech stock today, Fate's news was very good. The company reported that a combination of FT516 with rituximab in treating relapsed and refractory B-cell lymphoma (a type of blood cancer) appeared to be both safe and effective in a phase 1 study.
The patients in this study were given FT516 in an outpatient setting. Fate said that the therapy was well tolerated and that no adverse events grade 3 (severe) or higher were reported. Three of the four patients achieved an objective response, which is a predetermined level of tumor shrinkage. Two of the patients achieved complete responses -- full cancer remission.
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Why Fate Therapeutics Stock Is Skyrocketing Today