Phio Pharmaceuticals Corp. (Nasdaq: PHIO) has announced that the U.S. Food and Drug Administration (FDA) has cleared the company's Investigational New Drug (IND) application for its lead product candidate, PH-762. This will allow Phio to proceed with its Phase 1b clinical trial of intratumoral PH-762 in patients with cutaneous squamous cell carcinoma, melanoma and Merkel cell, which is planned to start in the second half of 2023. Following this announcement, $PHIO rose by 32.74% to trade at $4.46 in pre-market.

YS Biopharma Co., Ltd. (Nasdaq: YS) has also received good news as its PIKA Rabies Vaccine has been granted Phase 3 clinical trial approval from the Drug Regulatory Authority of Pakistan. This clinical trial will evaluate the safety and effectiveness of the vaccine in preventing rabies infection. This announcement caused $YS to increase by 16.12% to trade at $1.44 in pre-market.

In other news, Gilead Sciences, Inc. (Nasdaq: GILD) has been upgraded from Market Perform to Outperform by BMO Capital Markets, with a raised price target of $100 from $90. $GILD is currently trading at $79.05, up 0.85% or $0.67 in pre-market.

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