Innovation Pharma Stock Soars Encouraging Anti-SARS-CoV-2 Data
Over the course of the past few months, many pharmaceutical companies have seen their stocks soar on the back of their efforts to combat the coronavirus pandemic. One such company is Innovation Pharmaceuticals Inc (OTCMKTS:IPIX) and on Monday, the soared against after a major announcement from the company with regards to its COVID 19 medicine Brilacidin.
The company announced a positive update from the preclinical testing of the product and that resulted in a strong rally in the Innovation stock on Monday. The stock shot up by as much as 25% on the back of the news and it remains to be seen if it can add to its gains through the rest of the week. Investors could do well to keep an eye on the stock.
The company is currently conducting lab testing of Brilacidin for treating coronavirus and the recently released data has proven to be highly encouraging. The data revealed that medicine resulted in reducing the viral load by as much as 95% and 97% as per the findings from two different tests. It is a significant development for Innovation Pharma and the excitement in the markets was understandable.
Remdesivir, which is Gilead Sciences’ COVID-19 offering managed to inhibit the virus by 50%. Innovation Pharmaceuticals is going to submit the preclinical data for publication and investors could consider keeping an eye on the report when it does come out.
While the 25% rally on Monday was definitely eye-catching, it is necessary for investors to keep in mind that Innovation has managed to perform impressively over the course of the past week. During that period, the stock rallied by as much as 50%.
In addition to that, it is important to keep in mind that further tests are going to take place and Innovation is going to conduct RBL testing of Brilacidin. During that stage of testing, the concentration levels of the medicine are going to be reduced further and it goes without saying that it is going to be another crucial test for the prospects of the product.
While it is true that there are many other companies which are currently engaged in producing similar products, Brilacidin’s performance when compared to Gilead Sciences’ remdesivir is undoubtedly an encouraging thing.
The company had actually released the information with regards to the efficacy of Brilacidin on COVID 19 earlier on in July and it had proven to be another important trigger for the stock. Investors who are looking to make a coronavirus play at this point in time could consider putting this stock into their watch lists. Considering the fact that the number of cases are rising again, it could be worthwhile to keep an eye on the developments regarding Brilacidin.
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