Tiny biotech CymaBay (CBAY) launched to a high not seen in a month Wednesday after unveiling strong data for a liver disease treatment — to the detriment of Intercept Pharmaceuticals (ICPT), which has struggled with its rival drug.
In midday trading on the stock market today, shares of CymaBay ramped up 10.8%, near 13.40, after earlier rocketing as much as 24.3%. Meanwhile, Intercept sank 6.5%, near 70.20. Biotech stocks collectively advanced 0.6%.
CymaBay is testing a drug called...