Shares of Sarepta Therapeutics Inc. (SRPT) rose nearly 2% to $56.60 in premarket trading on Tuesday, Nov. 7, after the U.S. Food and Drug Administration cleared the Cambridge, Mass.-based company's investigational new drug application for its peptide phosphorodiamidate morpholino oligomer (PPMO) exon 51 candidate, SRP-5051.
Sarepta plans to immediately begin its Phase 1/2a clinical study and start screening patients with Duchenne muscular dystrophy (DMD) amenable to skipping exon 51.
Meanwhile, shares of Five Prime Therapeutics Inc. (FPRX) were down 6.3% to $41 after the South San Francisco firm after the close on Monday unveiled third-quarter results.
The company, which focuses on immuno-oncology protein therapeutics, reported a net loss of $43.3 million, or $1.54 per basic and diluted share, compared with a net loss of $19.4 million, or $0.72 per basic and diluted share, in the year-ago period. Collaboration revenue was $8.3 million, up from $6.7 million in the same period of 2016.
Among the other biotech stock movers was Editas Medicine Inc. (EDIT) . Shares of the Cambridge, Mass.-based genome editing company were up 4% to $24.99.