Albireo’s stock is up 10% on plans to seek FDA approval for drug for rare disorder

Shares of Albireo Pharma Inc. ALBO, +11.28% gained 10.4% in premarket trading on Tuesday after the company said it is seeking Food and Drug Administration approval to use its medication Bylvay as a treatment for Alagille syndrome, a rare inherited disorder that can result in liver damage. Albireo said a Phase 3 clinical trial evaluating the drug met its primary endpoint and a key secondary endpoint. Bylvay is already approved to treat pruritus in patients with progressive familial intrahepatic cholestasis. The company’s stock is down 12.1% this year, while the broader S&P 500 SPX, -0.83% has declined 21.4%.