iBio Inc (NYSEMKT: IBIO)
iBio had an incredible day in the market yesterday. However, today that hasn’t been the case so far. Unfortunately, the stock started out on a down note and has struggled to reach the green line since. However, the bulls aren’t concerned about today’s movement as they know that gains aren’t far off. Today, we’ll talk about what caused the stock to climb yesterday, what we’re seeing today, and what we can expect to see moving forward. So, let’s get right to it…
Why IBIO Had Such An Incredible Day Yesterday
For iBio, yesterday was all about a US patent. According to the company, they received notice yesterday that their application for a monoclonal antibody was approved by the US patent office for issuance on August 26th. This is incredible news as the company works to treat influenza invections through the use of monoclonal antibodies that react to a specific protien that’s vital for the replication of the viral cells. In a release yesterday, Wayne P. Fitzmaurice, Ph.D., and vice president of iBio’s intellectual property had the following to say…
“The antibody covered by this patent is designed to block critical functions of the influenza virus necessary for virus replication… Current public health strategies for influenza include annual preventative vaccination and in some cases, the use of small molecule drugs for treatment of infected individuals. However, because preventive vaccination reaches only a part of the population, vaccines vary in effectiveness to prevent disease, and drug-resistant influenza strains pose increased risk, there is a global need for new, more effective therapeutic biologics that block the replication of influenza virus directly in those who become infected.”
As a result of the patent news, IBIO climbed more than 30% in the market yesterday.
What We’re Seeing Today
As mentioned above, today’s market movement is unfortunately not as strong as what we saw yesterday. As a matter of fact, the stock started with a strong downtrend; and while it has been working its way up, it is struggling to break even today. Currently (11:48), IBIO is trading at $0.81 per share after absolutely no gain at all. However, the chart looks like it may fall again. However, the bulls aren’t concerned at all. As I’ve mentioned in several previous cases that follow this type of movement, it’s important to remember that the price movements in the market happen through a series of overreactions. Therefore, the incredible news yesterday led to a bit of an overreaction; and the stock needed to fall to a more manageable rate this morning before gains could continue. This is normal market movement; and bulls know it!
What We Can Expect To See Moving Forward
Given the incredible news we got yesterday and how investors reacted to that news, I’m expecting to see more strong movement out of iBio moving forward. As a matter of fact, I received a comment on my post yesterday stating that many believe that it will reach $1.00 per share within weeks; and I’m inclined to agree with that assessment.
What Do You Think?
Where do you think IBIO is headed and why? Let us know in the comments below!