Shares of Kymera Therapeutics Inc. rallied about 35% in premarket trading on Wednesday after the company shared positive data from a Phase 1 clinical trial evaluating the treatment it’s developing with Sanofi for two skin conditions: hidradenitis suppurativa, and atopic dermatitis. Kymera also told investors that the French drugmaker plans to advance the therapy, KT-474, into Phase 2 clinical studies for the same conditions next year. Kymera’s stock is down 59.3% year-to-date, while the S&P 500 has declined 15.6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.