The coronavirus pandemic may have unleashed mayhem on the stock market, but at the same time, it has led to significant rallies in stocks of companies that are involved in tackling it. Akers Biosciences Inc (NASDAQ:AKER) has emerged as one such stock after the company made an important announcement with regards to its coronavirus vaccine candidate.
The company stated that there had been advancement in the development of its coronavirus vaccine, and that has led to a strong uptick in the stock price this morning. Trading volumes rose significantly as investors piled on the stock today, and the Akers stock recorded gains of as much as 62%.
Volumes surged as much as 25 times as the advancements came to the fore this morning. Akers announced that along with its partner Premas Biotech, it has managed to create a total of three antigens that could be used in the vaccine in question. In other words, the company now tries out three separate types of antigens for its coronavirus vaccine candidate, and consequently, the chances of success go up somewhat. Premas co-founder Prabuddha Kundu stated that the development of three antigens gives it three ‘shots on goal.’
It is a compelling argument and goes to show that the optimism around the Akers stock is not misplaced at all. The two companies have the second phase of the protein extraction process. Another update with regards to the developments is going to be provided later on in April. It goes without saying that there is going to be a lot of anticipation around that announcement from Akers and Premas.
However, until the day comes around, the latest announcement from Akers has resulted in a significant rally in the stock. It remains to be seen how long the rally is sustained as the coronavirus pandemic enters a critical phase in the United States.