BriaCell Therapeutics (NASDAQ:BCTX) stock is on the move Wednesday morning after getting Fast Track approval from the U.S. Food and Drug Administration (FDA) for Bria-IMT.
Bria-IMT is the company’s lead candidate designed to treat metastatic breast cancer. This is breast cancer that has spread beyond the breast. The company is currently enrolling and dosing advanced breast cancer patients in its Phase I/IIa clinical trial.
The FDA’s Fast Track designation is for drugs that treat serious conditions with a currently unmet medical need. This allows for a fast review of the treatment so that it can get to patients suffering from the illness faster.
So what’s all this mean for BCTX stock? To put it simply, it gives the company much quicker access to the FDA’s attention. If the results of clinical trials go well, this could lead to its breast cancer treatment getting approved sooner. That, in turn, means more revenue for the company as its treatment is administered to patients.
BCTX stock is seeing heavy trading on Wednesday following the Fast Track designation news. As a result, more than 12 million shares of the immuno-oncology biotechnology company’s stock have changed hands. To put that in comparison, the company’s daily average trading volume is closer to 682,000 shares.
BCTX stock started off strong when markets opened this morning but has been slipping since. As a result, the company’s shares are down 5.6% as of Wednesday morning. Even so, the shares are still up 7.5% since the start of the year.
Investors seeking more recent stock market news will want to stick around!
We’ve got all the latest stock news that traders need to know about for Wednesday! Among that is what’s happening with Antares Pharma (NASDAQ:ATRS) stock, why airline stocks are rising, as well as what’s hitting PayPal (NASDAQ:PYPL) stock. You can get up to speed on all of this at the following links!
More Wednesday Stock Market News
- Why Is Antares Pharma (ATRS) Stock Up Today?
- Airline Stocks News: Why Are DAL, UAL, AAL, LUV Stocks Up Today?
- Why Is PayPal (PYPL) Stock Down Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed