Plus Therapeutics (NASDAQ:PSTV) shares are trading higher Tuesday after the company announced the Food and Drug Administration has granted orphan drug designation for Rhenium NanoLiposomes for the treatment of patients with recurrent glioblastoma.

Plus Therapeutics is a clinical-stage pharmaceutical company focused on the discovery, development, and manufacturing of complex and innovative treatments for patients battling cancer and other life-threatening diseases.

The company's shares were trading up 1.78% to $2.49 at the time of publication Tuesday. The stock has a 52-week high of $16 and a 52-week low of 93 cents.