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Shares of Protagonist Therapeutics Inc. PTGX,
jumped 87.0% in pre-market trade on Monday after the company said the Food and Drug Administration lifted the suspension of clinical trials on rusfertide, its investigational treatment for blood cancer. The suspension was put in place due to concerns about skin tumors from animal research and further examination of four new cancer cases that emerged in a clinical trial. No security issues were identified during the wait. The investigational treatment is expected to move to a phase 3 clinical trial for polycythemia vera in the first trimester of next year. SVB Leerink analyst Joseph Schwartz told investors that the lifting of the clinical suspension was a “much appreciated surprise, given that the suspension was disclosed less than a month ago and its duration did not last. was unclear “. The protagonist’s stock is down 9.5% so far this year, while the larger S&P 500 SPX,
is up 16.9%.
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