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Summary
- Stocks of VBI Vaccines Inc (NASDAQ:VBIV, VBIV:US) gained about one per cent in the premarket trading hours on Thursday (8AM EST), June 10.
- The Canada-based biotechnology firm saw its stock climb 14.5 per cent to close at US$ 3.96 per share on Tuesday.
- The stock price surge appears to have come in the light of an announcement VBI Vaccines made on Tuesday.
Stocks of Canada-based biotechnology firm VBI Vaccines Inc (NASDAQ:VBIV, VBIV:US) gained about one per cent in the premarket trading hours on Thursday (8AM EST), June 10.
VBI seems to have caught investor attention after the company revealed on Tuesday, June 8, that its cancer vaccine, VBI-1901, has been granted a Fast Track designation by the US Food and Drug Administration (FDA).
Following this announcement, VBI Vaccines stock climbed 14.5 per cent to close at US$ 3.96 per share on Tuesday.
Why FDA Fast Track Designation Is Important?
The FDA’s Fast Track designation for the cancer vaccine indicates that its approval might happen sooner than expected. The company claims that VBI-1901 is for the treatment of recurrent glioblastoma (GBM), which is an aggressive brain tumor.
VBI's Chief Medical Officer Francisco Diaz-Mitoma claims that this designation gives the company an additional validation. VBI Vaccines is said to be speeding up its process to provide clinical benefits to patients who have few treatment options available.
According to reports, the VBI-1901 vaccine is based on a new therapy and has the potential to fill an unmet need. The designation was granted after VBI Vaccines presented positive data from its Phase 1/2a clinical trials on recurring GBM patients.
The clinical trial results were also presented at the American Society of Clinical Oncology Annual Meeting earlier in June.
VBI (NASDAQ:VBIV, VBIV:US) Stock Performance
In the light of the COVID-19 outbreak, the global healthcare sector has been making gains this year. The S&P/TSX Healthcare Index has soared by 7.4 per cent month-to-date (MTD), while the NASDAQ Healthcare Index returned 25.6 per cent in the past year and five per cent year-to-date (YTD).
VBIV stock, on the other hand, has surged by about 11 per cent in the past week. Its quarter-to-date (QTD) growth stands at a substantial 26 per cent. On Wednesday, June 9, VBI Vaccines share price closed at US$ 3.91 apiece.
In the first quarter results of this year, VBI Vaccines displayed a robust balance sheet with cash and cash equivalents of US$ 108.2 million.
With the healthcare sector expected to grow further in 2021, biotech firms like VBI Vaccines could reel in more gains too.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from EODHD/Others.
