G1 Therapeutics Wins FDA Approval For COSELA Drug; Shares Pop 20%

G1 Therapeutics announced that the US Food and Drug Administration (FDA) has approved its COSELA drug as a first-of-its-kind treatment for patients with extensive-stage small cell lung cancer receiving chemotherapy. Shares rose nearly 20% in Friday’s extended trading session after closing nearly 5.2% lower on the day.

The biopharmaceutical company said that the approval followed clinical trials, which showed that COSELA significantly lowered the duration and severity of neutropenia in adult patients. The injection decreased the occurrence of chemotherapy-induced bone marrow suppression. In early March, COSELA is likely to be available through G1 Therapeutics’ (GTHX) specialty distributor partner.

About 30,000 patients in the US undergo small cell lung cancer treatment annually. (See G1 Therapeutics stock analysis on TipRanks)

G1 Therapeutics CEO Jack Bailey said, “COSELA will help change the chemotherapy experience for people who are battling ES-SCLC. G1 is proud to deliver COSELA to patients and their families as the first and only therapy to help protect against chemotherapy-induced myelosuppression.”

On Jan. 20, H.C. Wainwright analyst Edward White reiterated a Buy rating on the stock with a price target of $82 (165.5% upside potential).

G1 Therapeutics shares have exploded 95.9% in the past six months, while the stock still scores a Strong Buy consensus rating based on 3 unanimous Buys. That’s alongside an average analyst price target of $78, which implies around 152.5% upside potential over the next 12 months.

Meanwhile, G1 Therapeutics scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.

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