Roche RHHBY recently announced that the European Commission has granted conditional marketing authorization to Gavreto (pralsetinib).Following this authorization, Gavreto has been approved in the European Union (“EU”) as a monotherapy for the treatment of adults with rearranged during transfection (RET) fusion-positive advanced non-small cell lung cancer (NSCLC) not previously treated with a RET inhibitor.Per the company, Gavreto is the first and only precision medicine approved in the EU for the first-line treatment of this patient population.The conditional approval is based on results from the phase I/II ARROW study wherein Gavreto led to durable responses in patients with RET fusion-positive advanced NSCLC.The study data showed that in 75 treatment-naïve patients, Gavreto demonstrated an overall response rate (ORR) of 72% while the median duration of response (DOR) was not reached. Gavreto demonstrated an ORR of 58.8% and median DOR was 22.3 months in 136 patients who had previously received platinum-based chemotherapy.The approval will strengthen Roche’s strong lung cancer portfolio, which comprises Gavreto in RET fusion-positive advanced NSCLC, Alecensa (alectinib) in ALK-positive advanced NSCLC and Rozlytrek (entrectinib) in ROS1-positive advanced NSCLC.Shares of Roche have gained 13.5% so far this year compared with the industry’s growth of 15.2%.Image Source: Zacks Investment ResearchRoche has a solid and broad oncology portfolio and approval of additional drugs or label expansion of existing drugs will further boost it.Gavreto is approved in the United States for the treatment of adults with metastatic RET fusion-positive NSCLC and the treatment of adult and pediatric patients 12 years of age and older with advanced RET-altered thyroid cancers.A submission for RET-altered thyroid cancers is planned in the EU as well.We note that Roche and Blueprint Medicines BPMC are co-developing Gavreto globally for treating people with various types of RET-altered cancers, with the exception of certain territories in Asia, including China.While Blueprint Medicines and Genentech (a wholly owned member of the Roche Group) commercialize Gavreto in the United States, Roche has exclusive commercialization rights for Gavreto outside of the United States with the exception of certain territories in Asia, including China.Zacks Rank and Stocks to ConsiderRoche currently carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the biotech sector are Sarepta Therapeutics SRPT and Viking Therapeutics VKTX, both carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Loss per share estimates for Sarepta have narrowed from $6.95 to $4.99 for 2021 and from $4.83 to $3.61 for 2022 in the past 30 days. Sarepta delivered an earnings surprise of 11.06%, on average, in the last four quarters.Loss per share estimates for Viking Therapeutics have narrowed to 74 cents from 81 cents for 2021 and to $1.08 from $1.18 for 2022 in the past 30 days. Viking delivered an earnings surprise of 2.06%, on average, in the last four quarters. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Roche Holding AG (RHHBY): Free Stock Analysis Report Sarepta Therapeutics, Inc. (SRPT): Free Stock Analysis Report Viking Therapeutics, Inc. (VKTX): Free Stock Analysis Report Blueprint Medicines Corporation (BPMC): Free Stock Analysis Report To read this article on Zacks.com click here.