Arcus Biosciences up after FDA's 'orphan drug' tag for pancreatic cancer treatment

Shares of drug developer Arcus Biosciences RCUS.N rise 1.9% to $9.51

Company says it received an "orphan drug" designation from the U.S. FDA to its experimental treatment, quemliclustat, to treat pancreatic cancer

FDA grants orphan drug status to promote drug development for rare diseases affecting fewer than 200,000 people in the U.S.

Company says it is currently testing the drug in a late-stage study and expects to enroll participants by the end of this year

Including session moves, stock down 35.9% YTD