VAXX - Why Shares of Vaxxinity Soared This Week
Shares of Vaxxinity (NASDAQ: VAXX) were up 36.8% this week as of Thursday's close. The stock closed last week at $1.74. Vaxxinity's shares opened on Monday at $1.70 and then soared on Thursday to $3.95 before dropping a bit to $2.38 by Thursday's close. The stock has a 52-week low of $1.26 and a 52-week high of $11.10. The stock is still down more than 57% this year.
Vaxxinity is a clinical-stage biotech that focuses on vaccines to treat chronic diseases. The company didn't report any news, so this is likely a "sympathetic" play, so called when another company with a similar drug reports potentially positive news. In this case, the other companies were Eisai and Biogen , which reported on Wednesday that their therapy lecanemab, in its phase 3 study, slowed clinical decline for Alzheimer's patients on a scale that measures cognitive and function, compared with a placebo.
It may be a case of a rising tide raising all ships, or at least companies that have an Alzheimer's therapy in the works. Vaxxinity, for its part, has a therapy, UB-311, that is in a phase 2 trial to treat Alzheimer's and has a Food and Drug Administration Fast Track designation. It also has UB-312 in a phase 1 trial to treat Parkinson's disease and Lewy body dementia.
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Why Shares of Vaxxinity Soared This Week