Why Is Small-Cap Tevogen Bio Stock Rocketing Higher On Thursday?

Benzinga · 10/17 15:57

On Thursday, Tevogen Bio Holdings Inc. (NASDAQ:TVGN) announced its top-line revenue forecast for its oncology pipeline, projecting $1 billion in revenue in its launch year and a cumulative 5-year estimate of between $10 billion and $14 billion.

Tevogen Bio stock is trading higher with a strong session volume of 62.2 million compared to the average volume of 5.8 million as per data from Benzinga Pro.

“This forecast reflects the company’s unique, faster, and cost-efficient drug development model which has the potential to serve as a blueprint to ensure sustainable medical innovation for years to come,” the company said.

Earlier this week, Tevogen Bio highlighted the publication of its phase 1 trial data of TVGN 489, its investigational allogeneic SARS-CoV-2 specific Cytotoxic CD8+ T lymphocytes (CTLs) immunotherapy, published by the journal Blood Advances in August of this year. Data showed:

  • TVGN 489 was well-tolerated at all four doses tested.
  • Nasal swab PCR data showed 88% or greater viral elimination in 92% of patients by day +4 and > 99% in all patients by day +14.
  • No progression of disease or the development of Long COVID was observed in the treatment group, despite the prevalence of immunocompromised patients.
  • TVGN 489 did not interfere with the development of endogenous anti-SARS-CoV-2 humoral or cellular responses.

Last week, Tevogen Bio announced updates on its therapeutic pipeline.

The company said it is pursuing a ‘prudent’ commercialization strategy with a focus on its ExacTcell technology platform, which leverages precision T-cell therapies to address supportive care for cancer patients.

Price Action: TVGN stock is up 100.07% at $2.08 at last check Thursday.

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Image created using artificial intelligence via Midjourney.