SPY396.92+7.29 1.87%
DIA318.84+6.42 2.05%
IXIC11,535.28+180.66 1.59%

Why Did Vaxxinity (VAXX) Stock Gain 80% Today?

Investor Place · 04/29/2022 17:10

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Today, Texas-based biotech company Vaxxinity (NASDAQ:VAXX) closed up an unbelievable 84% higher. Specifically, VAXX stock skyrocketed on news that it has completed an important milestone in its treatment for Parkinson’s Disease.

OCGN stock: hands of medical professional holding a syringe, symbolizing vaccine
Source: shutterstock.com/PhotobyTawat

So, what do you need to know about Vaxxinity today?

Well, on Thursday, the company announced it has completed patient enrollment for part B of its Phase 1 clinical trial for UB-312 treatment. UB-312 is a “peptide-based vaccine” that could offer an “active immunotherapy option for treating synucleinopathies,” including Parkinson’s Disease. Part B is the second part of the study, which will evaluate the vaccine candidate on individuals with Parkinson’s Disease. The company also shared that results from the first part of its Phase 1 trial had been published in Movement Disorders.

Vaxxinity CEO Mei Mei Hu commented on the development.

“With enrollment now complete in the second part of this two-part study, we are thrilled to take another step forward in our efforts to develop a first-of-its-kind treatment for PD and other synucleinopathies. We are grateful to the Michael J. Fox Foundation for its support of this ongoing study, and look forward to the end-of-treatment analysis in the second half of this year.”

VAXX Stock Soars on Promising Parkinson’s Treatment News

Today’s leap comes as a welcome surprise for Vaxxinity investors. Since November the company has seen its share price progressively dwindle. From $18 in November 2021, shares are currently trading for around $7.

In early phases of clinical trials, it is still unclear what will come of Vaxxinity’s work with UB-312. Regardless, VAXX investors enjoyed a triumphant day on Friday.

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. 

Read More: Penny Stocks — How to Profit Without Getting Scammed 

On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

More From InvestorPlace

The post Why Did Vaxxinity (VAXX) Stock Gain 80% Today? appeared first on InvestorPlace.