Shares of Loxo Oncology Inc. rallied 34% in premarket trade Monday, after the company said its larotrectinib cancer drug succeeded in shrinking tumors in patients with a variety of cancers that share the same genetic defect. The drug was tested in patients who had one of 17 different types of cancer at an advanced stage, including rare ones like salivary-gland cancer and more common types like colon and lung cancers, The Wall Street Journal reported on Saturday. Results of the studies were released Saturday at the annual meeting of the American Society of Clinical Oncology, a large gathering of cancer doctors. Shares had already gained 52.5% in 2017 through Friday, while the S&P 500 has gained 9%.
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