Why Ginkgo Bioworks Stock Is Soaring Today

Ginkgo Bioworks Holdings Inc DNA shares are trading higher Thursday after Synlogic Inc SYBX announced a new drug candidate for the treatment of gout, which is being developed in partnership with Ginkgo Bioworks.

The new candidate, SYNB2081, is a synthetic biotic and is the second product to advance to clinical development through a research collaboration between Synlogic and Ginkgo Bioworks. 

"With our second drug candidate into clinical development, this not only demonstrates the value of combining Ginkgo's platform with our Synthetic Biotic platform, but also highlights the potential to develop Synthetic Biotics across a range of diseases, giving us the potential to provide meaningful new treatment options to patients in need," said David Hava, chief scientific officer of Synlogic.

Ginkgo Bioworks also announced on Thursday that it has entered into a memorandum of understanding with the Rwanda development board with the intent of developing and implementing new biosecurity capabilities in Rwanda.

See Also: Here's Why Cerevel Therapeutics Stock Is Getting Hammered Today

DNA Price Action: Ginkgo Bioworks has a 52-week high of $8.77 and a 52-week low of $2.09.

The stock was up 18.4% at $3.71 at press time, according to Benzinga Pro.

Photo: Chokniti Khongchum from Pixabay.