CytomX jumps on promising trial data for colorectal cancer drug

Shares of CytomX Therapeutics CTMX.O soar 62% to an over four-year high of $7.63

Co on track to add about $500 million in market value, if gains hold

Co says its experimental cancer drug continued to shrink tumors in patients with advanced form of colorectal cancer who had already tried several treatments, in an early-stage trial

The drug, varsetatug masetecan, is designed to target EpCAM, a protein widely found on colorectal cancer cells

A Cantor analyst said this is "a major win" for CTMX, saying the data "could set a new bar in late-line CRC" and position the drug as a likely new standard of care for patients who have already tried three or more prior treatments

CytomX plans to meet with the U.S. FDA later this year to discuss the design of a larger trial

Including session's moves, stock up 78% YTD