Why Vaxart, Inovio Pharmaceuticals, and Sorrento Therapeutics Stocks Took Off on Thursday

UTC by Daria Rud · 3 min read
Why Vaxart, Inovio Pharmaceuticals, and Sorrento Therapeutics Stocks Took Off on Thursday
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The number of COVID-19 cases is rising again, and the companies working on the vaccine will likely further benefit from a cash flow into them. Vaxart, Inovio Pharmaceuticals, and Sorrento Therapeutics stocks are good examples of this advantage.

As the coronavirus vaccine ace is intensifying, investors are closely observing the companies they believe will sweep the boards. Among them are Vaxart Inc (NASDAQ: VXRT)Inovio Pharmaceuticals Inc (NASDAQ: INO), and Sorrento Therapeutics Inc (NASDAQ: SRNE). On Thursday, their stocks rocketed 96%, 31%, and 14% respectively, as all Vaxart, Inovio, and Sorrento made COVID-19 related announcements.

Today the growth continues. VXRT is 93% up in the pre-market, while INO has already added 7.52% today and the growth of SRNE is 2.36%. Let’s have a closer look at the factors that support this positive tendency.

Vaxart’s ‘Memorandum of Understanding’ with AMS

On Thursday, Vaxart said it had signed a Memorandum of Understanding with Attwill Medical Solutions Sterilflow, LP (AMS). For manufacturing, tableting, and enteric coating of the COVID-19 vaccine, Vaxart will use AMS’ resources.

Vaxart CEO Andrei Floroiu said:

“We believe AMS’ experience coupled with its ability to manufacture a billion or more doses per year would be a beneficial addition to our group of [contract development and manufacturing organization] partners, and enable the large scale manufacturing and ultimate supply of our COVID-19 vaccine for the U.S., Europe, and other countries in need.”

He further added:

“We believe our oral vaccines, generated on our proven platform, have the potential to offer superior protection against airborne viruses such as SARS-CoV-2 by triggering both mucosal and systemic immunity while being administered by a room-temperature-stable tablet, an enormous logistical advantage in large vaccination campaigns.”

Following the announcement, Vaxart stock climbed over 50% Thursday morning and reached a new high of $4.83. By the end of the session, Vaxart stock went further and closed at $6.26, or 96.24% up. In the pre-market today, Vaxart stock is 93.93% up, $12.14 per share. 

Inovio Expanding Senior Management Team

Another COVID-19 vaccine race front-runner Inovio Pharmaceuticals announced welcoming new members to its executive team. In particular, it has added Gene Kim and Dr. Mammen (Anza) Mammen to its senior management. Kim will be in charge of Inovio’s growth in Asia, while Mammen will serve as Senior Vice President, Clinical Development.

Inovio’s SEO and President Dr. J. Joseph Kim commented:

“These two leaders bring the precise expertise that will further advance INOVIO as a leader in developing and commercializing DNA medicines and vaccines.”

In addition, Inovio secured funding from the U.S Department of Defense to expedite the development and production of its Cellectra 3PSP Smart Devices for the administration of the COVID-19 vaccine.

Inovio stock closed 30.92% higher on Thursday, at $31.25 per share. In early trading today, it has added another 7.52% to reach $33.60.

Investors’ Trust in Sorrento

Sorrento’s vaccine candidate is promised to neutralize the COVID-19. Investors believe health authorities will grant the company approval for emergency use of its experimental antibodies treatment. Therefore, Sorrento stock is also up. It rose by 14.21% to close at $6.35 per share. In the pre-market today, Sorrento shares are 2.36% up, trading at $6.50.

The number of COVID-19 cases is rising again, and the companies working on the vaccine will likely further benefit from a cash flow into them. Vaxart, Inovio Pharmaceuticals, and Sorrento Therapeutics stocks are good examples of this advantage. But those who decide to put their money in coronavirus vaccine share should bear in mind that’s they quite high-risk stocks.

Business News, Market News, News, Stocks
Daria Rud
Author Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

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