SpringWorks stock on track for record gain after FDA approves first treatment for rare type of aggressive tumors

SpringWorks Therapeutics Inc. shares SWTX were on track for a record percentage gain on Tuesday after the company got the first U.S. regulatory approval for a drug targeting a rare type of non-cancerous but aggressive tumors.

The stock was up more than 25% Tuesday morning, following the U.S. Food and Drug Administration’s late Monday approval of Ogsiveo for the treatment of desmoid tumors, which can invade surrounding organs and cause severe pain and mobility issues. The regulatory action marks the first approved treatment…