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Why Belite Bio Stock Soared on Monday

TheMotleyFool

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Why Belite Bio Stock Soared on MondayPhoto, wide shot, wide-angle lens, Clinical research organization, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.theapi.app/temp/0e9d087d-988e-4397-b7cf-6049e2776769.png

The mood on the stock market was gloomy on Monday, but apparently somebody forgot to notify Belite Bio (NASDAQ: BLTE). The company, a clinical-stage biotech focused on developing therapies for eye disorders, saw its share price zoom 12% higher thanks to an encouraging update from the laboratory.

That morning, Belite announced that its leading drug candidate, tinlarebant, met its primary endpoint in a phase 3 trial. The medicine was being tested to determine its efficacy in treating adolescents with Stargardt disease, a condition that can lead to loss of central vision.

Image source: Getty Images.

Source Fool.com

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