Compugen (NASDAQ:CGEN) stock is rocketing higher on Tuesday after announcing an exclusive licensing agreement with Gilead Sciences (NASDAQ:GILD).
According to a press release from Compugen, this agreement covers its anti-IL-18 binding protein program. That includes COM503, a “pre-clinical potential first-in-class high affinity antibody targeting IL-18 binding protein with potential to treat multiple tumor types.”
Compugen notes that the agreement with Gilead includes the development and commercialization of its anti-IL-18 binding protein program. Details from a conference call on the matter should be available later today.
CGEN Stock Jumps on Other Clinical News
In addition to the Gilead Sciences news, Compugen also recently announced an update on its partnership with AstraZeneca (NASDAQ:AZN). That includes a trigger for a $10 million milestone payment.
Compugen notes that it will gain this milestone payment once the first patient in a Phase 3 clinical trial of PD-1/TIGIT is dosed. AstraZeneca is currently seeking 750 patients for this clinical trial.
All of this news brings with it heavy trading for CGEN stock on Tuesday. This has more than 48 million shares changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is about 184,000 shares.
CGEN stock is up 189% as of Tuesday morning.
There are plenty of other stock market stories that traders are going to want to read up on below!
We have all of the hottest stock market news that investors need to know about on Tuesday! Among that is what’s happening with shares of Marathon Digital (NASDAQ:MARA), Micromobility.com (NASDAQ:MCOM) and Plug Power (NASDAQ:PLUG) today. You can catch up on all of this news at the following links!
More Stock Market News for Tuesday
- MARA Stock Pops as Marathon Digital Buys Up Bitcoin Mining Sites
- Why Is Micromobility.com (MCOM) Stock Down 45% Today?
- Piper Sandler Just Issued a Key Warning on Plug Power (PLUG) Stock
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On the date of publication, William White did not hold (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.
