CVAC - Why CureVac Stock Leaped 12% Higher Today
2023-06-20 18:29:00 ET
A successful cancer drug or vaccine is the holy grail of biotech companies. On news that its cancer-vaccine candidate had reached an important new stage of development, Germany-based CureVac (NASDAQ: CVAC) saw its share price pop by 12% on Tuesday. That compared very favorably to the nearly 0.5% decline of the S&P 500 index.
CureVac announced that it dosed the first patient in a phase 1 clinical trial of its CVGBM cancer-vaccine candidate. Like several COVID-19 vaccines developed in the thick of the pandemic, CVGBM is based on mRNA technology.
The study will test the safety and tolerability of CVGBM in patients suffering from certain types of glioblastoma or astrocytoma. Both are cancers that originate in the brain or spinal cord and can spread rapidly.
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Why CureVac Stock Leaped 12% Higher Today