Why These 5 Stocks are Skyrocketing on Friday

4. Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)

Number of Hedge Fund Holders: 30

Shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) rose in the pre-market trading session today after announcing a partnership with Synlogic. Under the terms of the agreement, Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) and Synlogic will collectively work on a drug candidate to treat gout disease.

Gout is a common and complicated form of arthritis. It arises when surplus uric acid in our body makes crystals in the joints, causing immense pain. Patients also experience swelling and redness in the affected area. The drug candidate, dubbed SYNB2081, is being developed to reduce uric acid levels in the body.

Speaking on the partnership, head of Codebase at Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), Patrick Boyle, said in a statement:

“We’re honored to work with the Synlogic team in this pioneering next step to potentially help patients living with gout. As we’ve seen the Synlogic pipeline develop over the past year, we’re eager to continue supporting Synlogic in generating additional therapeutic candidates.”