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Stock Alert: XBiotech Jumps 12%

(RTTNews) - Shares of XBiotech Inc. (XBIT) are gaining over 12% on Monday morning after the U.S FDA authorized emergency use of antibody-rich COVID-19 therapy derived from convalescent patients.

XBIT is currently trading at $20.65, up $2.29 or 12.47%, on the Nasdaq.

XBiotech announced that the FDA issued an emergency use authorization for COVID-19 Convalescent Plasma as a COVID-19 treatment. This is a positive news for Xbiotech as the company has developed a test in collaboration with BioBridge Global to accurately detect human antibodies present in patient blood that specifically attack the COVID-19 virus.

BioBridge Global, which provides blood products to hospitals through its subsidiary, the South Texas Blood & Tissue Center, is using XBiotech's test to identify human bloods from patients that have recovered from COVID-19—so called convalescent plasma. BioBridge utilizes the convalescent plasma to produce naturally immune blood products as treatment for patients hospitalized with the virus.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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