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Stock Alert: Concert Pharmaceuticals Jumps 14%

Shares of Concert Pharmaceuticals, Inc. (CNCE) are gaining 14% on the Nasdaq after the company said FDA granted Breakthrough Therapy Designation for CTP-543 for the treatment of Alopecia Areata.

CNCE is currently trading at $11.40, up $1.41 or 14.11%, on the Nasdaq.

The U.S. Food and Drug Administration granted Breakthrough Therapy Designation for the company's oral Janus kinase inhibitor, CTP-543, for the treatment of adult patients with moderate-to-severe alopecia areata.

There are currently no drugs approved by the FDA for the treatment of alopecia areata, an autoimmune disorder in which the immune system attacks hair follicles, resulting in patchy or complete hair loss.

FDA Breakthrough Therapy Designation is intended to expedite the development and review of medicines aimed at treating a serious or life-threatening disease where there is preliminary clinical evidence that the investigational therapy may offer substantial improvement over existing therapies.

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