Why Jounce Therapeutics Bounced Higher Today

Investors were pleased with biotech Jounce Therapeutics (NASDAQ: JNCE) on Tuesday. So much so, that at one point they traded the stock nearly 21% higher on the day; ultimately it cooled down, but still closed the day 8% higher.

The FDA cleared Jounce's Investigational New Drug (IND) application for its pipeline cancer immunotherapy JTX-1811, one of the four pipeline drugs currently being developed by the company.

This, in turn, is triggering a $25 million milestone payment from Gilead Sciences (NASDAQ: GILD), which holds the exclusive rights to develop and commercialize JTX-1811.

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Source Fool.com