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3 Biotech Stocks Defying Today's Market Meltdown Thanks To COVID-19 Developments

The major U.S. stock market averages were all tumbling close to 5% and bond yields were hitting record lows Monday following oil's plunge in the wake of the wrangling between Saudi Arabia and Russia.

Benzinga · 03/09/2020 17:31

The major U.S. stock market averages were all tumbling close to 5% and bond yields were hitting record lows Monday following oil's plunge in the wake of the wrangling between Saudi Arabia and Russia.

Yet biotechs with a connection to the fight against COVID-19 were turning in yet another stellar performance. 

Spherix Spearheads Gains

Spherix Inc (NASDAQ: SPEX), which rose to prominence Friday with an announcement concerning an exclusive option agreement with the University of Maryland, Baltimore, for a technology to treat coronavirus infection, is building on the momentum.

After ending Friday's session higher by more than 130%, Spherix shares were trading up by a similar magnitude Monday.

Related Link: The Week Ahead In Biotech (March 8-14): Bristol-Myers Awaits FDA Nod For Liver Cancer Combo Therapy, Earnings Flow Continues

AIM ImmunoTech Joins The Party

AIM ImmunoTech Inc (NYSE: AIM), which focuses on R&D to treat immune disorders, viral diseases and multiple cancer types, said Japan's National Institute of Infectious Diseases, or NIID, will begin testing the company's drug Ampligen as a potential treatment option for COVID-19.

The experimental program will be conducted at both the NIID and the University of Tokyo, the company said.

Ampligen, or rintatolimod sterile solution, has been approved for the treatment of severely debilitated patients with chronic fatigue syndrome in Argentina. In the U.S., it is being evaluated for multiple indications.

Cocrystal Pharma Shares Update On COVID-19 Program

Cocrystal Pharma Inc (NASDAQ: COCP) shares were also advancing strongly in reaction to a late Friday announcement from the company concerning the initiation of its coronavirus program.

The company announced in late February the acquisition of patent rights and know-how for coronavirus treatment from the Kansas State University Research Foundation.

"Given the global threat of COVID1-9, our primary goal is to advance our coronavirus program into preclinical development. We will seek opportunities for collaborations as we advance our programs," CEO Dr. Gary Wilcox said in a statement. 

Price Action

At last check:

  • Spherix shares were soaring 90.24% to $3.12.
  • AIM ImmunoTech was surging 157.14% to $5.40.
  • Cocrystal shares were advancing 72.04% to $2.03. 

Public domain photo.