Why Shares of Vaxxinity Jumped This Week
Shares of clinical-stage biotech company Vaxxinity (NASDAQ: VAXX) were up 28.2% for the week as of Thursday afternoon, according to data provided by S&P Global Market Intelligence. The stock closed at $2.02 a share last week and rose to as high as $2.63 on Thursday. The stock has a 52-week low of $1.24 and a 52-week high of $10.57.
The company has a relatively small market cap of $307.57 million, so it doesn't take much interest to make the stock soar -- or drop. It focuses on synthetic peptide vaccines to treat chronic diseases such as Alzheimer's, Parkinson's, hypercholesterolemia, migraines, and infectious diseases.
It didn't make any announcements this week, but a number of factors likely contributed to the stock's rise. Vaxxinity completed phase 3 trials last month on its COVID-19 vaccine, UB-612, and cases remain high in China. According to Vaxxinity, UB-612 met its primary and secondary endpoints in a head-to-head booster trial against the approved COVID-19 vaccines of Pfizer-BioNTech, AstraZeneca, and Sinopharm Group. The company said it plans to submit rolling submissions to regulatory agencies in the United Kingdom and in Australia in the first half of this year.
Source Fool.com
