Agios Pharma jumps after US FDA expands use of co's drug for blood disorder

Shares of drugmaker Agios Pharmaceuticals AGIO.O rise 16.2% to $28.58

*Stock is set for its best day since June 2024, if gains hold

Company said late on Tuesday that the U.S. Food and Drug Administration has approved the expanded use of its drug for treatment of a type of blood disorder

The drug, mitapivat, under brand name of Aqvesme, was approved for the treatment of anemia in adults with alpha- or beta-thalassemia

The inherited condition affects the body's ability to produce hemoglobin and healthy red blood cells

Mitapivat was approved by the U.S. FDA in 2022 to treat low red blood cell counts in adults with pyruvate kinase deficiency, under the brand name of Pyrukynd

*Truist Securities estimates peak revenue opportunity of $320 million in 2034, contributing to a potential franchise peak of nearly $1.4 billion

Including session moves, stock down 16.6% YTD