Markets

Why Immunome Stock Skyrocketed Today

What happened

Shares of Immunome (NASDAQ:IMNM) soared on Thursday after the biotech announced the discovery of antibodies that could neutralize multiple coronavirus variants.

By the close of trading, Immunome's stock price was up 75% after rising as much as 187% earlier in the day.

So what

Immunome said it isolated "potent" antibodies that are potentially capable of neutralizing several variants of SARS-CoV-2, the virus that causes COVID-19. These strains include the South African variant, according to the company.

A person is pointing to an upwardly sloping line.

Investors bid up Immunome's shares on Thursday following its exciting announcement. Image source: Getty Images.

Highly contagious coronavirus mutations are spreading rapidly around the world. Many health officials are concerned that currently authorized vaccines may be less effective against these new strains.

"We believe that our comprehensive strategy could combat the negative impact of escape mutants," Immunome CEO Purnanand Sarma said in a press release. "We are encouraged by these results and plan to continue development efforts on these antibodies."

Now what

Immunome received a $13.3 million award from the U.S. Department of Defense to help fund its COVID-19 program. Immunome also raised $39 million in its initial public offering (IPO) in October. It thus has a decent capital base to finance its development efforts. Based on its promising antibody research, Immunome will likely have little trouble raising more cash from investors to advance its coronavirus program.

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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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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