KRYS - Why Shares of Krystal Biotech Are Rising Monday
2023-05-22 12:53:27 ET
Shares of Krystal Biotech (NASDAQ: KRYS) were up more than 15% Monday morning. The company announced on Friday that it had received Food and Drug Administration (FDA) approval for Vyjuvek (beremagene geperpavec-svdt) as the first therapy to treat dystrophic epidermolysis bullosa (DEB), known as "butterfly skin," at the genetic level. The rare disease weakens the skin, causes it to blister easily and leading to a greater incidence of injuries.
The stock is up more than 40% this year.
DEB is a rare disease caused by mutations in the gene COL7A1. The disease is associated with high morbidity and mortality rates. Krystal, a clinical-stage biotech , said it plans to quickly market the therapy, with its launch in the U.S. expected in the third quarter.
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Why Shares of Krystal Biotech Are Rising Monday