Why Belite Bio Stock Soared on Monday
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.
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Source Fool.com
