Shares of targeted oncology company Ikena Oncology (NASDAQ:IKNA) are in the green today after its novel aryl hydrocarbon receptor (AHR) antagonist product candidate IK-175 received a fast-track designation from the U.S. Food and Drug Administration (FDA).
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Importantly, the drug is the second candidate from Ikena to bag this designation. The drug is currently being developed as a monotherapy as well as in combination with nivolumab for the treatment of advanced or metastatic solid tumors (urothelial carcinoma).
Shares of the company have already gained nearly 97.7% over the past three months and the consensus rating on the Street remains a Moderate Buy for IKNA at present.
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