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Adagio Therapeutics (ADGI) Skyrockets 58% on Positive Covid-19 Data

Ollie Martin - AskTraders News writer
Ollie Martin trader
Updated 30 Mar 2022

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Key points:

  • ADGI shares soared nearly 60% in Wednesday premarket trading on promising Covid-19 data
  • The investigational drug adintrevimab ADG20 reduced the risk of symptomatic Covid-19 by 71%
  • The company plans on submitting an EUA in the second quarter of 2022

Whilst the fight against Covid-19 starts to fade into the background, the virus remains globally rife. The ushering in of vaccinations and social distancing regulations limited the extremes of the pandemic, yet as new variants seem to emerge every so often, pharmaceutical companies and drug manufacturers are still working tirelessly on cutting-edge new treatments that both prevent and treat Covid-19. 

Investors are still buying into companies like Adagio Therapeutics (NASDAQ: ADGI), whose shares soared nearly 60% today on the news of promising progress for its investigational Covid-19 drug currently in Phase ⅔ clinical trials. 

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The company officially announced that primary endpoints were met for three indications in its clinical trials currently evaluating the investigational drug adintrevimab ADG20 for use against Covid-19. The trials were initially started when pre-Omicron variants were dominant, but following the latest variants' emergence, the trials observed a meaningful reduction in symptomatic Covid cases when treated with adintrevimab in comparison to the placebo. 

Data from the adintrevimab trials concluded that the risk of symptomatic Covid-19 was reduced by 71%, with the risk of hospitalization or death in participants with mild to moderate Covid-19 also reduced by 66%. Following the clearly positive data, Adagio hopes to move forward with the FDA with plans to submit an emergency use authorization in Q222 for the prevention and treatment of Covid-19.

Competition remains in big pharma’s race for the Covid cure. With global vaccination numbers growing and cases falling, it’s a wonder how long Covid treatments will be manufactured for, and how will they compete against the Pfizer or Moderna vaccines that seem to dominate?

Ollie Martin - AskTraders News writer
Oliver is a financial writer and analyst specialising in the US stock market, with years of personal experience in understanding micro/macroeconomic structures, market trends and fundamental analysis.