Why Icosavax Stock Is Soaring Today
Shares of Icosavax (NASDAQ: ICVX) were soaring 28.3% as of 11:22 a.m. ET on Thursday. The big gain came after the biopharmaceutical company provided its fourth-quarter update following the market close on Wednesday.
Investors weren't focused very much on Icosavax's Q4 financial results. The company didn't generate any revenue and posted a net loss of $18.2 million.
However, Icosavax gave a couple of reasons to be cautiously optimistic after its announcement of disappointing interim results last week from a phase 1/2 study of experimental COVID-19 vaccine IVX-411. The company expects to soon release interim results from a phase 1 study of respiratory syncytial virus (RSV) vaccine candidate IVX-121. It also reported a cash position of $280.7 million, enough to fund operations at least through 2024.
Source Fool.com
