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Vaccinex (NASDAQ:VCNX) stock is rocketing higher on Friday after announcing new deals concerning its ActivMAb “antibody discovery and novel viral display platform.”
Source: Bukhta Yurii / Shutterstock.com
Here’s what potential investors in VCNX stock need to know about the news.
According to a news release from Vaccinex, the company has signed two multi-project deals for the use of ActivMAb.
The company notes that these deals are with two prominent pharmaceutical companies.
Unfortunately, that’s about all the details that Vaccinex is sharing today.
The company doesn’t reveal the names of these companies.
It also doesn’t discuss the financial details of the deals either.
Following news of the deal, VCNX stock is seeing incredibly heavy trading.
As of this writing, more than 169 million shares of the stock have changed hands.
To put that in perspective, the company’s daily average trading volume is only about 554,000 shares.
Vaccinex a clinical-stage biotechnology company targeting the treatment of neurodegenerative disease.
That includes Huntington’s, Alzheimer’s and other neurodegenerative diseases.
The company was founded in 1997 and went public in 2018 via an initial public offering (IPO).
Ernest Smith, chief science officer of Vaccinex, said this about the news boosting VCNX stock up today.
“These two collaboration agreements with prominent pharmaceutical companies underscore ActivMAb’s unique ability to discover promising antibodies against challenging molecules with tangible R&D value. We look forward to working closely with our partners to develop potential treatments specific for such previously hard to drug targets.”
VCNX stock was up 138.7% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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