CBAY - Why CymaBay Therapeutics Stock Rocketed Nearly 8% Higher Today
2023-10-23 18:16:04 ET
Hardly for the first time this year, biotech CymaBay Therapeutics (NASDAQ: CBAY) had a winning day on the market Monday. Following the news that its leading drug candidate had been granted an important designation by a regulator, investors piled into the company's shares. CymaBay closed the session almost 8% higher, in sharp contrast to the 0.2% decline of the S&P 500 index.
That drug is seladelpar, which was developed to treat a chronic liver disease called primary biliary cholangitis. Ever since CymaBay disclosed highly positive results from a late-stage clinical trial of seladelpar in early September, the stock has been in favor with biotech investors.
Its reputation was only enhanced on Monday when the Food and Drug Administration (FDA) revised its Breakthrough Therapy Designation on seladelpar. That designation now includes the treatment of pruritus (itchiness) in adults without cirrhosis (scarring of the liver) or with compensated cirrhosis.
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Why CymaBay Therapeutics Stock Rocketed Nearly 8% Higher Today