Why Immunome Stock Skyrocketed Today
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.
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.
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."
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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