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Why Puma Biotechnology's Shares Jumped 20% on Monday

Why Puma Biotechnology's Shares Jumped 20% on Monday

The biopharmaceutical company specializes in cancer therapies. Its stock got a boost on Monday when a Takeda Pharmaceutical (NYSE: TAK) candidate, ponatinib, hit its primary goal in a phase 3 clinical trial as a treatment for Philadelphia chromosome-positive acute lymphoblastic leukemia. The blood cancer therapy works by slowing the activity of BCR-ABL1, a gene sequence found in an abnormal chromosome 22, often seen in people with certain types of leukemia.