Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
The share price of biopharmaceutical company Immunome Inc (NASDAQ: IMNM) has skyrocketed on Thursday after the company said its discovery engine has isolated potent antibodies capable of neutralizing several coronavirus variants, including the South African variant.
The effort is part of Immunome’s ongoing programme to develop a cocktail of antibodies targeting spike and non-spike proteins to serve as a treatment for COVID-19.
The Nasdaq listed company said that through its research, it found that Covid-19 “super-responders” who recover from Covid-19 mount a robust immune response to a broad range of viral targets, including spike and non-spike proteins.
“Immunome’s research shows that certain of our antibodies neutralize pseudoviruses expressing the spike protein of the South African Variant,” Immunome stated.
The company’s CEO, Purnanand Sarma, said they believe their “comprehensive strategy could combat the negative impact of escape mutants. We are encouraged by these results and plan to continue development efforts on these antibodies.”
The company’s shares rose over 200% premarket. Shortly after the open on Wall Street, they are trading up 106% on the day at $45.91.
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