Investors were optimistic on Wednesday, sending the Nasdaq Composite (NASDAQINDEX: ^IXIC) up a third of a percent as of 1 p.m. ET. Even with most market participants focused on monetary policy and the Federal Reserve, long-term investors kept their eyes squarely on positive developments for the fundamental businesses of strong, promising companies.

In particular, two Nasdaq biotech stocks were especially prominent on Wednesday. Kymera Therapeutics (NASDAQ: KYMR) enjoyed solid gains on news that a key partner wants to move forward with further clinical trials, and Avidity Biosciences (NASDAQ: RNA) enjoyed an even larger rise in its stock price as investors reacted favorably to encouraging candidate therapies.

Shares of Kymera Therapeutics moved higher by 15% following the biotech company's release of clinical trial data from the phase 1 study of its KT-474 candidate treatment for skin conditions. Investors were pleased to see a path forward for the treatment, as Kymera and its development partner anticipate continuing the clinical trial process.

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Source Fool.com