Immunomedics Inc. is discontinuing a late-stage study of its experimental breast cancer drug sacituzumab govitecan as the trial has already met its main goals.

The company's shares on Nasdaq rose to $18.74 as of 11:44 a.m. ET, up 99.36% from their previous close at $9.40.

Immunomedics said the decision to bring the drug's trial, named Ascent, to an early close was based on a unanimous recommendation by an independent data monitoring committee after it reviewed the study.

"The remarkable results we observed across multiple endpoints in the Ascent study warranted early discontinuation of the trial," Chairperson of the Committee Julie Gralow said in a press release dated April 6.

Immunomedics said the trial's main goal tested the medicine's effectiveness in improving survival rates of patients of triple-negative breast cancer whose disease had spread to other parts of the body while halting the progression of the cancer.

The study also tested the drug's ability to increase overall survival in patients and their response to sacituzumab govitecan.

Morris Plains, N.J.-based Immunomedics' therapy is being reviewed by the U.S. Food and Drug Administration, which is expected to make a decision on its application around June 2. Sacituzumab govitecan already has the FDA's fast-track and breakthrough-therapy designations.