Why Surface Oncology Stock Is Soaring Today

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Shares of Surface Oncology (NASDAQ: SURF) had soared by 11.3% as of 10:44 a.m. EDT on Wednesday. The big gain came after the company announced late on Tuesday that the Food and Drug Administration had granted an orphan drug designation to its candidate drug SRF617 as a potential treatment for pancreatic cancer.

Good news for pipeline candidates usually lights a spark beneath biotech stocks, especially those like Surface that only have early-stage candidates. So exactly how good is this latest news?

Image source: Getty Images.

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