Key points:
- Kiromic Biopharma’s stock price soared 157% on a new research contract.
- Investors cheered the news despite lacking the contract’s financial details.
- The deal will expand Kiromic’s drug pipeline to five drug candidates.
The Kiromic Biopharma Inc (NASDAQ: KRBP) stock price soared 157% after entering a sponsored research agreement (SRA) with James W. Welsh, M.D., the Principal Investigator at The University of Texas MD Anderson Cancer Center.
Also read: The Best Biotech Penny Stocks Under $5 To Buy Right Now.
The contract will see Kiromic generate in vivo preclinical data from its Gamma Delta T cell (GDT) allogeneic therapies, which it will use to evaluate the efficacy and patient safety outcomes for three new investigational drug (IND) applications to the U.S. Food and Drug Administration (FDA).
The filing of the three IND applications mentioned above will expand Kiromic’s drug development pipeline to five allogeneic GDT clinical trials, including Deltacel in combination with a standard antitumor modality, Isocel in combination with a standard antitumor modality, Procel in combination with a standard antitumor modality, Isocel as monotherapy, and Procel as monotherapy.
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Investors cheered the news, as evidenced by Kiromic’s share price rally. The company further added that it expects to launch its first Deltacel clinical trial by the end of 2022. In addition, the firm intends to use non-genetically engineered Gamma Delta T Cells in its first-in-human clinical trial.
Pietro Bersani, Kiromic BioPharma’s CEO, said: “We believe that the SRA will enable us to generate key in vivo data efficiently and swiftly that will demonstrate the synergistic advantages of our Gamma Delta T cell therapies in combination with existing anti-cancer treatment modalities. These submissions will expand the total number of our product candidate therapies to five. The first of these three new IND submissions – the Deltacel™ – is expected to be submitted during the second half of the year.”
Should you buy Kiromic stock? Today’s impressive rally could have created a bottom in Kiromic’s stock price. However, I would not buy the shares right now. Instead, I would wait for a pullback before buying to get a better entry. Still, there are no guarantees that we shall get such a move in the future.
*This is not investment advice. Always do your due diligence before making investment decisions.
Kiromic Biopharma stock price.
The Kiromic Biopharma stock price soared 157% to trade at $0.7225, rising from Monday’s closing price of $0.2801.