Why Albireo Pharma Stock Is Skyrocketing Today

Shares of Albireo Pharma (NASDAQ: ALBO) are up by 41.4% as of 11:49 a.m. EDT on Tuesday, after soaring by as much as 79% earlier today. These gains are a result of the biopharmaceutical company reporting positive data from a phase 3 clinical trial for odevixibat, one of its lead pipeline candidates. The study investigated the safety and efficacy of odevixibat as a treatment for progressive familial intrahepatic cholestasis (PFIC).

PFIC is a rare genetic disease; patients with this condition have difficulty draining bile, a digestive fluid in the liver. The buildup of bile in the liver leads to symptoms such as pruritus (intense itching). There are several forms of PFIC, but Albireo Pharma's phase 3 study focused on PFIC1 and PFIC2. During the trial, odevixibat "reduced serum bile acid responses and improved pruritus assessments," thereby meeting its primary endpoint.

Image source: Getty Images.

Source Fool.com