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Moleculin Biotech Inc (NASDAQ:MBRX) More Than Doubled On Potential Covid-19 Treatment

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The coronavirus crisis may have unleashed chaos in the markets, but it has also become an opportunity for pharmaceutical and biotech firms. Over the past weeks, the stocks of many such firms have soared on the back of their work related to developing medicines, diagnostics, or vaccines to tackle the coronavirus.

Major Trigger

Late last week, Moleculin Biotech Inc (NASDAQ:MBRX) emerged as the latest company to enjoy such a bump in its stock price after it made an announcement with regards to its product 2-deoxy-D-glucose or 2-DG. The company announced that in vitro testing, it emerged that the medicine was successful in reducing the virus completely.

That is a significant development for Moleculin, and investors reacted positively to the news as well. The company’s stock rallied by as much as 134% in Thursday’s trading to hit $1.32, up from $0.57, and it remains to be seen if it can hold those gains. The research was conducted by experts at the University of Frankfurt, and the findings were published in the magazine named NatureResearch back on March 11.

The Chief Executive Officer of the company, Walter Kemp, stated that it is an ‘unexpected breakthrough’ for the company. However, he went on to add that this was exactly the sort of breakthrough that Moleculin was looking for.

While the breakthrough is significant for Moleculin, it is also important to note that the United States Food and Drug Administration has actually cleared the way for fast development of coronavirus related therapies. Hence, it could prove to be a massive boost for the company in the long run. The Chief Medical Officer of the company, Dr. Sandra Silberman, said as much.

Silberman stated that the company is now going to move along the clinical trials of the product on an expedited basis. That being said, the rise in the stock price indicates that the market is quite excited about Moleculin, and investors could also consider keeping an eye on things.

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