Avastin winning streak continued Thursday when the Food and Drug Administration granted the experimental cancer drug so-called "fast-track" review.
The status grants the drug expedited six-month review in which the FDA will receive trial data as it becomes available rather than at the conclusion of a study. Genentech's stock doubled last month when a phase III trial showed Avastin, which works by targeting growth factors in cancer tumors, was effective in slowing the disease's progression in combination with chemotherapy.
The company said it will meet with the FDA to determine the appropriate information needed for a biological license application submission.
Genentech, of South San Francisco, Calif., was recently up $2.20, or 3%, to $74.95.