- Stocks of Immunome Inc. (IMNM:US, NASDAQ: IMNM) zoomed over 42 per cent in premarket hours on Tuesday, July 20.
- The spike came after the company announced the positive results of its antibody therapeutics testing against the Delta variant of COVID-19.
- The company management claims that its antibody therapeutics can neutralize upcoming COVID-19 mutants.
Stocks of Immunome Inc. (IMNM:US, NASDAQ: IMNM) zoomed over 42 per cent in premarket hours on Tuesday, July 20.
The spike came after the company announced the positive results of its antibody therapeutics testing against the Delta variant of COVID-19.
On the back of this development, Immunome also noted a trading volume of 8.6 million in the premarket hours.
CEO and President Purnanand Sarma claims that Immunome’s antibody cocktail has the potential to deal with future mutants.
The biopharma firm was awarded US$ 17.6 million by the US government for the research and development (R&D) of its COVID antibody cocktail therapy. Immunome is set to file an approval request for its therapeutics with the US Food and Drug Administration (FDA) in the current quarter.
Let us look at the COVID-19 stock’s performance and financials:
Immunome, Inc. (IMNM:US, NASDAQ: IMNM)
The company has a specialization in human memory B cell platform that enables its research program to find antibody treatments against COVID-19 variants.
Immunome stock was trading at US$ 21.33 apiece on Tuesday morning, with a market cap of US$ 250 million at the time of this.
After debuting on the NASDAQ stock market in the fourth quarter of 2020, the healthcare stock is up 72 per cent year-to-date (YTD).
Before the latest announcement, the stock was trading in a bear market at US$ 16.64 apiece, down 74 per cent against its lifetime high of US$ 63.73 apiece (February 18, 2021). It also tumbled almost 34 per cent in the last three months.
Immunome’s exclusive therapeutics against the Delta variant could help its shares to rebound.
The US-based vaccine developer raised US$ 27 million to bolsters its R&D funding in April 2021. It reported total cash in hand of US$ 36.6 million at the end of the first quarter of 2021.
However, it also posted a net loss of US$ 3.9 million for Q1 2021.
Immunome's one-year price chart against moving average multiple. (Source: Refinitiv)
The health stock witnessed a bearish price trajectory throughout the second quarter of 2021. It had a negative return on equity of 50 per cent and negative earnings per share of US$ 5.52.
Its 50-day average volume was around 80,000 shares compared with its total 11.75 million listing shares. In the wake of the latest development, the company’s shares are likely to trade in high volume.