Many companies that have been working on vaccines for tackling the coronavirus have seen their stock prices soar and one of those is Vaxart Inc (NASDAQ:VXRT). The company had come up with a program to create a vaccine back in January this year and around two months hence Vaxart had also signed an agreement with Emergent BioSolutions for manufacturing the said vaccine.
Naturally, there was a lot of excitement around the Vaxart stock at the time and on Tuesday, the stock jumped following a particularly important development with regards to the vaccine. Yesterday, it emerged that the company made the Investigational Drug Application filing for its coronavirus vaccine and that resulted in a strong rally in the stock.
By the time the trading day came to a close, the stock had made gains of as much as 14.4%. However, it should be noted that the Vaxart stock had gone up by 32.7% at one point on Tuesday. Hence, it is quite clear that the stock is likely going to be on the radars of many investors on Wednesday and it remains to be seen if the Vaxart stock can add to its gains.
It goes without saying that it is a significant development for the company since an IND application implies that Vaxart is seeking permission to start testing its vaccine on humans as part of a clinical trial. Sean Tucker, the Chief Scientific Officer of the company stated that this is the ‘first major step of many’ in Vaxart’s efforts to advance the development of its coronavirus vaccine.
One of the more interesting things about the vaccine from Vaxart is that it is a tablet and needs to be administered orally, unlike the vaccines being manufactured by most others. Most other vaccines are supposed to be administered through an injection.
The Chief Executive Officer of the company Andrei Floroiu stated that this unique factor also throws up several benefits. It is not only going to be easier to administer but it is also going to be easier to store and transport this vaccine. The gains made by the Vaxart stock was particularly interesting since most of the stocks related to coronavirus vaccine development fell on Tuesday.
Russia announced yesterday that it had approved the world’s a coronavirus vaccine of its own and that had sent many of these stocks crashing. However, Vaxart proved to be an exception in this regards and that is something that investors need to keep in mind under the circumstances. It is a particularly important development and perhaps it proves that the market is bullish about the prospects of a vaccine that is going to be made available in the tablet form. Investors could do well to keep an eye on the developments.
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