Why Ventyx Biosciences Zoomed Nearly 60% Higher This Week
One standout in a gloomy stock market this week was Ventyx Biosciences (NASDAQ: VTYX). According to data compiled by S&P Global Market Intelligence, the clinical-stage biotech's shares soared more than 58% higher during the period, thanks to the approval of a drug that hasn't actually been developed by the company.
The treatment in question is Bristol Myers Squibb's deucravacitinib (brand name: Sotyktu), which was approved by the U.S. Food and Drug Administration (FDA) last Friday. The drug was green-lighted for the treatment of moderate-to-severe plaque psoriasis, an autoimmune disease that affects the skin, in adults who qualify for systemic therapy or phototherapy.
That's exciting for Ventyx, because the biotech is developing a drug that utilizes a similar mechanism, and thus could potentially target the same disorder, in addition to other maladies.
Source Fool.com
