Why Is Agios Pharmaceuticals Stock Surging Tuesday Afternoon?

Agios Pharmaceuticals Inc (NASDAQ: AGIO) shares surged 20.16% to $35.58 on Tuesday after the company announced plans to pursue U.S. accelerated approval for mitapivat in sickle cell disease, following a meeting with the FDA. The FDA recommended that Agios submit a proposal for a confirmatory clinical trial to support this accelerated approval, which the company has already submitted. Data from the RISE UP clinical program, including Phase 3 studies, showed a statistically significant improvement in hemoglobin response, boosting investor sentiment.