iBio Inc (NYSEAMERICAN: IBIO) is making a run for the top in the market this morning, trading on gains of more than 6% early on. While the stock is up, it hasn’t issued any press releases or SEC filings. So, what’s the deal?
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IBIO Stock Is Benefitting From MRNA News
As mentioned above, iBio is making a run for the top in the market this morning, regardless of the fact that the company hasn’t issued any press releases or SEC filings. While no news has been released, there’s good reason for the gains.
Early this morning, Moderna (NASDAQ: MRNA) announced positive results from a clinical study of its coronavirus vaccine candidate. In the release, the company said that all 45 patients generated neutralizing antibodies as a result of the vaccine.
That’s great news.
Neutralizing antibodies target the spike protein, which is found in coronavirus infected cells. From there, these antibodies attack the spike protein, ultimately killing the virus. So, at least in a small population of 45 patients, Moderna’s vaccine seems to work.
So, why is IBIO climbing as a result of the news? Aren’t IBIO and MRNA competitors?
Read more at Alpha Stock News!