CVAC - Why Shares of CureVac Jumped This Week
2023-06-23 12:35:00 ET
Shares of CureVac (NASDAQ: CVAC) were up by 14.3% for the week as of Friday morning, after having been up by as much as 16%, according to data provided by S&P Global Market Intelligence . The clinical-stage biotech company's stock closed last week at $10.24, then rose to as high as $12.09 on Tuesday. The healthcare stock is up more than 95% this year.
CureVac focuses on tumor immunotherapy, using messenger RNA (mRNA) therapies. The German company said on Tuesday that it had dosed its first patient in a phase 1 trial for its investigational cancer vaccine, CVGBM. CureVac said it expects to publish early trial data in the second half of next year. The study will look at the safety and effectiveness of the vaccine on patients with glioblastoma and astrocytoma, two cancers that begin in the brain or spinal cord. The patients will have already undergone surgical resection and radiation.
In 2020, CureVac began a partnership with GSK (formerly known as GlaxoSmithKline), to develop new vaccines to treat cancer and other diseases based on CureVac's second-generation mRNA platform. CVGBM is the first investigational cancer vaccine to come out of that effort.
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Why Shares of CureVac Jumped This Week