Vaxart Inc (NASDAQ: VXRT) is having an overwhelmingly strong start to the trading session this morning after announcing that it has achieved a key milestone. According to a press release, the company has triggered a $5 million milestone payment, leading to excitement among investors and sending the stock for the top. Today, we’ll talk about:
- The news surrounding the $5 million milestone;
- what we’re seeing from VXRT;
- and what we’ll be watching for ahead.
VXRT Gains Big On Milestone Achievement
As mentioned above, Vaxart is having an incredibly strong start to the trading session this morning after announcing that a $5 million milestone payment has been triggered. In a press release issued early this morning, the company announced that it received notification from Daiichi Sankyo Co., Ltd, that sales of Inavir®, has exceeded ¥20 billion. Under the terms of the licensing and commercialization agreement with the Japanese company, VXRT is entitled to receive a $5 million milestone payment. In the release, the company said that the payment is expected to be provided within the second quarter of 2018. In a statement, Wouter Latour, CEO at VXRT, had the following to offer:
Daiichi Sankyo, our partner for Inavir® in Japan, has successfully built a strong franchise in the influenza sector since the launch of Inavir®in 2010, and is now the market leader in Japan… We expect Inavir® to continue to generate meaningful royalty revenue for Vaxart over the coming years, and we congratulate our colleagues at Daiichi Sankyo with these excellent results.
What We’re Seeing From The Stock
With the news that Inavir® sales in Japan are strong and that the $5 million milestone payment has been triggered, it’s no surprise that investors are excited and that the stock is making a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:46), VXRT is trading at $6.05 per share after a gain of $0.48 per share or 8.62% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on VXRT. In particular, we’re interested in following the continued sales growth surrounding Inavir®. We’re also interested in following the company’s ongoing work with regard to its robust pipeline. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!