This year has been a good one for equity markets so far, but even by that standard, some stocks are doing incredibly well.

That's the case with Krystal Biotech (NASDAQ: KRYS), a mid-cap company that is already up 48% in 2023. As is often the case in this industry, the rare-diseases-focused biopharmaceutical company owes its solid run on the stock market to a recent regulatory approval (more on that below).

But after gaining that much, is Krystal Biotech still worth investing in at current levels? Let's find out.

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Source Fool.com