Third Harmonic Bio shares drop to lowest since 2023

Investing.com -- Third Harmonic (NASDAQ:HLIT ) Bio, a biotech company, saw a significant decline in its stock value on Monday, with shares plummeting as much as 18% to their lowest level since late 2023.

The company is currently working on an early-stage study of a wild-type KIT inhibitor, THB335. This drug is intended to treat urticaria, also known as chronic hives. The results of this study are expected to be released within the current quarter.

Third Harmonic Bio's shares on Friday saw a 23% drop. The company's shares have fallen dramatically in just two days, from Friday's decline to Monday's further drop.

Third Harmonic Bio is focused on the development of innovative treatments, with THB335 being one of their key projects. The drug is in its early stages of study and is designed to inhibit the wild-type KIT, a protein that plays a crucial role in cell growth and survival.

The company's focus is on treating urticaria, a condition commonly known as chronic hives. This condition is characterized by the development of hives on the skin, which can be both uncomfortable and persistent.

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Source: Investing.com