MorphoSys shares gain as endometrial cancer treatment gets fast-track designation

MorphoSys AG’s American depositary receipts
MOR,
-1.11%
gained 2% premarket on Wednesday after the biopharma company said its investigational treatment for endometrial cancer was granted fast-track designation by the U.S. Food and Drug Administration. The treatment, tulmimetostat, is designed for patients with advanced, recurrent or metastatic endometrial cancer who have progressed on at least one prior line of treatment. The FDA’s fast-track designation aims to facilitate the development and review of medicines intended to treat serious conditions and address unmet medical needs. Tulmimetostat showed promising results in an early-stage study, and MorphoSys is continuing to study the treatment across tumor types, the company said in a release. The MorphoSys ADR has gained 126% in the year to date, while the S&P 500
SPX,
+0.33%
has gained 16%.