** Shares of drug developer Hoth Therapeutics HOTH.O rise 14.4% to $1.59 premarket

** Company says its experimental drug HT-KIT has received "orphan drug" tag from the U.S. FDA for the treatment of systemic mastocytosis and gastrointestinal stromal tumors

** FDA grants orphan drug status to promote drug development for rare diseases affecting fewer than 200,000 people in the U.S.

** As of last close, stock up 85.8% YTD

(Reporting by Siddhi Mahatole)

((siddhi.mahatole@thomsonreuters.com))