Summary List Placement
Vaccinex stock rocketed up more than 200% Friday, propelled by two collaboration deals centered on using the biotech company’s antibody discovery platform.
Vaccinex, which focuses on cancer and neurodegenerative disease, said it signed multi-project deals with two unnamed “prominent” pharmaceutical companies. Financial terms of the deals were undisclosed.
Shares jumped as much as 233% to an intraday high of $9.56 before the gains were pared to 150%. Trading volume of more than 196 million shares in late-morning action trumped the average volume of about 540,000 shares. The stock began this year at a little more than $2 each.
The collaborations will use the company’s ActivMAb technology which Vaccinex said has multiple applications that include discovering antibodies specific for complex membrane antigens.
Shares of Vaccinex traded at $6.18 at 12:19PM E.T. on Friday.
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Source:: Business Insider