Sonnet soars after FDA approves human trial of cancer treatment
16/03/2022 12:59
** Shares of cancer-focused biotech co SONN.O jump 97.5%
to 55 cents premarket
** Among top-three pct gainers across U.S. exchanges; set
for biggest pct jump since March 2020, if gains hold
** SONN says FDA has approved its application to conduct
human clinical trials of SON-1010 - co's first approval for
human trials urn:newsml:reuters.com:*:nACSd7rVXa
** SON-1010 is proprietary version of protein involved in
immunity; co says treatment's goal is to enhance body's innate
immune response to tumors
** Co says it plans to begin early-stage study of SON-1010
in adult patients with advanced solid tumors in Q2
** About 16.1 mln shares changed hands, over 18x stock's
25-DMA
** All 3 analysts covering stock rate it "buy" or higher;
their median PT is $2
** Stock has fallen 33% this year through Tuesday's close
(Reporting by Ruhi Soni in Bengaluru;)
((Ruhi.Soni@thomsonreuters.com;
Twitter: https://twitter.com/ruhithere;))