NanoViricides (NNVC) stock soars 63%. A COVID stock to buy?

Highlights

  • NanoViricides Inc (NYSEAMERICAN:NNVC, NNVC:US) saw its stocks rally by more than 63 per cent on Tuesday, September 21.
  • The Connecticut, United States-based biopharma company’s stock appears to have taken off in the wake of its COVID-19 drug candidate’s latest development.
  • According to some latest reports, NanoViricides has seen its lead COVID-19 candidate gain notable advantages in the wake of Remdesivir encapsulation.

NanoViricides Inc (NYSEAMERICAN:NNVC, NNVC:US) saw its stocks rally by more than 63 per cent on Tuesday, September 21. Its trading volume for the day also surged to 101 million, as against its one-month average movement of 4.67 million.

The Connecticut, United States-based biopharma company’s stock appears to have taken off in the wake of its COVID-19 drug candidate’s latest development.

NanoViricides has been working on two COVID-19 drug candidates — the NV-CoV-2 and NV-CoV-2-R. The NV-CoV-2 is a nanoviricide drug candidate without the capacity to encapsulate broad-spectrum antiviral treatment Remdesivir, while NV-CoV-2-R is simply NV-CoV-2 with Remdesivir encapsulated in it.

According to some latest reports, NanoViricides has seen its lead COVID-19 candidate gain notable advantages in the wake of Remdesivir encapsulation.

An animal study of NanoViricides is said to have found that following the administration of encapsulated NV-CoV-2-R candidate, nearly double the amount of Remdesivir stayed intact in plasma during the first day of dosing.

Following its fifth dose, Remdesivir’s circulation level in plasma was reportedly 75 per cent higher in the participants receiving NV-Cov-2-R candidate as compared to those in the remdesivir group.

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NanoViricides Inc (NYSEAMERICAN:NNVC, NNVC:US) stock performance

NanoViricides is a nano-biopharmaceutical enterprise that is engaged in the discovery, development and marketing of therapeutics aimed at treating life-threatening viral infections.

Reports about the latest results from its COVID drug-related animal study appears to have stirred new interest among investors. The stock, however, had been drawing attention previously too.

NanoViricides scrip has grown by nearly 116 per cent so far this year. In the last three months, it has surged by almost 46 per cent.

More importantly, though, the biopharma stock has noted a gain of nearly 60 per cent in September, amid more than one report regrading its COVID-19 drug development process.

NanoViricides Inc (NYSEAMERICAN:NNVC, NNVC:US) stock performance

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Bottom line

In its latest earnings report filed in May this year, NanoViricides said that it had current assets worth about US$ 23.23 million, current cash liabilities of US$ 0.87 million and zero debt as of March 31, 2021.

The company also stated that as of March-end, it had sufficient funds to carry out initial human clinical trials for at least one of its COVID-19 drug candidates.

The latest data is said to be pointing at NV-CoV-2-R drug candidate’s capacity of lessening the loss of Remdesivir during metabolism, which could make it a notable pan-coronavirus treatment in future.

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