Categories Analysis, Health Care, Trending Stocks

Three biotech stocks popped up today on Covid-19 treatment related announcements

These three biotech stocks rise on coronavirus news

Biotech companies all over the world have been trying to find the treatment and vaccine for the coronavirus pandemic since January of this year. In this backdrop, shares of three US biotechnology companies’ jumped today in the pre-market trading session as they have made important announcements on covid19 treatment.

Molecular diagnostics firm Co-Diagnostics (NASDAQ: CODX) topped with more than 50% increase in its stock price, while Moderna (NASDAQ: MRNA) and Regeneron Pharmaceuticals (NASDAQ: REGN) rose about 10% each in the before-market hours.

Co-Diagnostics

Co-Diagnostics announced today that FDA’s change in policy on diagnostic testing for coronavirus (COVID-19) to achieve more rapid testing capacity in the U.S. will help the company to ship more of its Logix Smart Covid-19 test kits to all over the world.

CEO Dwight Egan stated, “The ramifications of this new FDA policy are significant for our company. This change will quickly afford Co-Diagnostics even more opportunities to serve the needs of laboratories nationwide, as we play an even larger role in responding to this pandemic.”

Moderna

The clinical-stage biotechnology firm Moderna continued to trade in the positive territory carry forwarding the momentum it got on yesterday as the company dosed its first patient in coronavirus vaccine trial. Last month-end, the company shipped its first coronavirus vaccine candidate to the National Institutes of Health for clinical trials.

MRNA stock, which rose 24% yesterday, has risen more than 50% since the beginning of this year.

Regeneron

Tarrytown, New York-based Regeneron announced today that it has identified hundreds of virus-neutralizing antibodies from the company’s VelocImmune mice, which have been genetically-modified to have a human immune system. Regeneron has also isolated antibodies from humans who have recovered from COVID-19, in order to maximize the pool of potentially potent antibodies.

Regeneron plans to manufacture these antibodies in a large scale by the end of summer and expects to have smaller quantities available for initial clinical testing at the beginning of the summer.

Also yesterday, Regeneron and its partner Sanofi announced the initiation of a Phase 2/3 clinical trial evaluating Kevzara in patients hospitalized with severe COVID-19. While Regeneron will lead the trials in the US, Sanofi will lead the upcoming non-US trials.

We’re on Flipboard! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

Most Popular

KB Home (KBH): What did and did not work for the homebuilder in the third quarter

Shares of KB Home (NYSE: KBH) were up slightly on Friday. The stock has dropped 40% year-to-date and 35% over the past 12 months. The company delivered mixed results for

Infographic: A snapshot of Costco’s (COST) Q4 2022 earnings

Warehouse behemoth Costco Wholesale Corporation (NASDAQ: COST) has reported a 15% increase in fourth-quarter 2022 revenues, which translated into double-digit growth in net income. Fourth-quarter revenues increased sharply to $72.09 billion.

FDX Earnings: FedEx Q1 adjusted earnings drop; revenue up 5%

Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023. Net income, adjusted

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top