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Highlights
- Some experts in the field believe that Canada is approaching a potential sixth wave of the COVID-19 outbreak.
- Amid these concerns, some health stocks, like Adagio (NASDAQ: ADGI, ADGI: US) and Vir (NASDAQ: VIR, VIR: US), are noting some impact.
- VIR stock climbed by over 19 per cent at a point on Wednesday.
Some experts in the field believe that Canada is approaching a potential sixth wave of the COVID-19 outbreak. Amid these concerns, some COVID stocks in the healthcare sector, like Adagio Therapeutics Inc (NASDAQ: ADGI, ADGI: US) and Vir Biotechnology Inc (NASDAQ: VIR, VIR: US), are noting some impact.
Concerns around a possible sixth wave come amid a surge in cases of the omicron variant’s BA.2 subvariant, which is said to be more contagious than others.
The resurgence of COVID-19 cases is believed to be rising in regions like Ontario, Alberta, Saskatchewan, and British Columbia amid the relaxed public health restrictions.
Let us discuss these two health stocks that are working on helping the fight against COVID-19.
Adagio Therapeutics Inc (NASDAQ: ADGI, ADGI: US)
Adagio Therapeutics has claimed that its ADG20 (adintrevimab) became the first monoclonal antibody to fulfil primary endpoints with statistical significance for pre-and-post-exposure prophylaxis and COVID-19 treatment.
The North American company is also planning to seek Emergency Use Authorization (EUA) approval for ADG20, an application expected to be submitted in Q2 2022, from the United States Food and Drug Administration.
Having closed at US$ 3.85 on March 29, ADGI stock galloped by almost 44 per cent to reach US$ 5.545 at 10:53 AM EST on Wednesday, March 30.
Also read: MDRN & NVAX: 2 COVID stocks as Canada plans to scrap pre-arrival test
Vir Biotechnology Inc (NASDAQ: VIR, VIR: US)
Vir Biotechnology, on March 25, stated the FDA modified the EUA factsheet for sotrovimab, developed in partnership with GlaxoSmithKline plc (GSK). Based on available evidence, the agency believes that sotrovimab 500 mg dosage will be effective against this new omicron subvariant.
VIR stock climbed by over 19 per cent to US$ 26.92 apiece at a point on Wednesday.
Bottomline
The importance of public well-being is of utmost importance in such a scenario. Along with that, though, it also seems to be drawing investors’ focus back on healthcare stocks, especially to companies working on containing the virus’ spread and helping patients.
Adagio Therapeutics and Vir Biotechnology are two such companies that are reportedly working on developments to battle COVID-19 more efficiently. Nonetheless, investors should cautiously follow the latest news and COVID-related updates to make informed decisions.
