The Vaccinex Inc (NASDAQ: VCNX) stock price surged 93% despite the lack of news releases from the clinical-stage biotech company. The rally higher can be attributed to increased investor interest in the company, as evidenced by the over 7.75 million shares that had changed hands at the time of writing.
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The company specialises in developing innovative drugs to treat chronic neurological diseases like Huntington’s disease and Alzheimer’s. The company’s lead drug candidate, pepinemab, inhibits semaphorin 4D (SEMA4D) and could increase a patient’s immune activity against tumours by reprograming the underlying pathogenic immune mechanisms.
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Looking at today’s surge higher in Vaccinex stock, we can see that despite the lack of news from the company. Retail investors have embraced the stock and are buying it in large numbers. The move looks similar to the meme stock rallies triggered by retail traders who want to squeeze out short sellers, primarily institutions.
The last significant announcement from Vaccinex was regarding the dosing of the first patient in a phase 1/2 clinical trial of SRF114, a drug candidate licensed to Surface Oncology, which could result in royalty payments for the company if the trial is successful and specific development and commercial milestones are reached.
Vaccinex also has a proprietary drug discovery platform known as ActivMAb, which is focused on antibody targets such as CCR8, a complex GPCR protein. CRF114 is an anti-CCR8 antibody that Vaccinex claims has best-in-class properties. The company expects the antibody to be successful in the clinical trials up to commercialisation.
The company made this announcement on January 9, 2023. However, the last release from the firm was a filing with the SEC to sell 1.62 million shares of its common stock to raise funds from investors on January 24, 2023.
Therefore, today’s rally in Vaccinex stock was directly driven by positive investor sentiment and significant buying pressure from retail investors despite the lack of news from the company.
*This is not investment advice.
The Vacinnex (VCNX) stock price chart.
The Vaccinex (VCNX) stock price surged 92.98% to trade at $1.1386, from Monday’s closing price of $0.5900.
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