Shares of Tesaro Inc. rallied 2.2% in premarket trade Tuesday, after the biopharmaceutical company said its new drug application (NDA) for its niraparib cancer treatment was granted priority review by the Food and Drug Administration. The company said the FDA set a target action date of June 30, 2017. "FDA's acceptance of the niraparib NDA with a Priority Review designation is an important milestone for TESARO, and represents a significant step in our efforts to bring meaningful therapies to women with ovarian cancer," said Chief Operating Officer Mary Lynne Hedley. The stock has more than doubled year to date through Monday, while the SPDR S&P Pharmaceuticals ETF has tumbled 22% and the S&P 500 has gained 11%.
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