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Why CTI Biopharma Stock Is Surging Today

Shares of CTI BioPharma (NASDAQ: CTIC) moved sharply higher after the drugmaker reported first-quarter results Friday morning. Investors were pleased with the initial sales figures for Vonjo, its first approved drug, and pushed the stock price 20.8% higher as of 11:22 a.m. ET. On March 1, 2022, the FDA approved Vonjo to treat patients with myelofibrosis, a rare bone marrow disorder.