The coronavirus has rocked markets and caused panic across the world. While investors are feeling the pain as global supply chains may become constricted, playing on COVID-19 stocks has proven very lucrative. Companies are developing a vaccine, testing kit or even household cleaning products have proven not only to be safe havens but also savvy investments.
More and more companies are joining the fight against the coronavirus, and 24/7 Wall St. is taking a look at some of the biggest movers on the day tied to COVID-19. We have included the update that each company has given, as well as a recent trading history and consensus target.
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Aytu BioScience Inc. (NASDAQ: AYTU) shares skyrocketed after the company signed an exclusive distribution agreement for the right to commercialize a clinically validated and commercially used coronavirus 2019 (COVID-19) Rapid Test. The test has been licensed from L.B. Resources, a Hong Kong corporation.
The test is intended for professional use and delivers clinical results between two and 10 minutes at the point-of-care. This exclusive agreement grants Aytu the exclusive right to distribute the product in the United States for a period of three years, with additional three-year automatic renewals thereafter.
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The COVID-19 IgG/IgM Rapid Test is a solid phase immunochromatographic assay used in the rapid, qualitative and differential detection of IgG and IgM antibodies to the 2019 novel coronavirus in human whole blood, serum or plasma. This point-of-care test has been validated in a 113 patient clinical trial and has received CE marking. It is currently one of only a few tests used for coronavirus screening in China.
Shares of Aytu were last seen up over 235% at $1.18, in a 52-week range of $0.34 to $2.61. The consensus price target is $4.88.
Novavax Inc. (NASDAQ: NVAX) announced that the Coalition for Epidemic Preparedness (CEPI) awarded initial funding of $4 million to support Novavax’s efforts to develop a COVID-19 vaccine. CEPI and Novavax are having ongoing discussions on additional funding from CEPI to address Novavax’s costs through Phase 1.
Stanley C. Erck, president and CEO of Novavax, commented:
This first stage of funding from CEPI is critical to enable ongoing development of our COVID-19 vaccine candidates. We commend CEPI for its role as a vital partner to bridge the funding gap for innovative biotech companies like Novavax, which have robust vaccine technology platforms. Novavax is working tirelessly to create a vaccine against this growing epidemic.
Novavax stock traded up about 9% at $10.93, in a 52-week range of $3.54 to $17.71. The consensus price target is $14.25.
Mesoblast Ltd. (NASDAQ: MESO) made the announcement that it plans to evaluate its allogeneic mesenchymal stem cell (MSC) product candidate remestemcel-L in patients with acute respiratory distress syndrome (ARDS) caused by COVID-19 in the United States, Australia, China and Europe. The company is in active discussions with various government and regulatory authorities, medical institutions and pharmaceutical companies to implement these activities.
Remestemcel-L has potential for use in the treatment of ARDS, which is the principal cause of death in COVID-19 infection. This is supported by recently published results from an investigator-initiated clinical study conducted in China, which reported that allogeneic MSCs cured or significantly improved functional outcomes in all seven treated patients with severe COVID-19 pneumonia.
Shares of Mesoblast were up about 20%, at $7.42 in a 52-week range of $4.17 to $10.88. The consensus price target is $14.00.
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