NEW YORK — Shares of Disc Medicine jumped more than 30% on Monday after the biotechnology company said its experimental drug bitopertin met all of its main and secondary goals in a late-stage trial for a rare genetic disorder that causes severe sensitivity to sunlight.

Disc Medicine shares were up $17.65, or 31.04%, at $74.49 in morning trading on the Nasdaq. Nearly 3 million shares changed hands, about six times the stock's average daily volume. The company has a market value of about $2.85 billion.

The stock had closed Friday at $56.84. It surged as much as 50% to 60% in premarket trading before giving back some of those gains after the open.

The Watertown, Massachusetts-based company said the Phase 3 APOLLO trial of bitopertin in patients with erythropoietic protoporphyria, or EPP, achieved statistical significance on both of its co-primary endpoints and on all secondary........

© International Business Times