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Benzinga
Benzinga
Business
Adam Eckert

Why Elevation Oncology Stock Is Rising

Elevation Oncology

Elevation Oncology Inc (NASDAQ: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."

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