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NanoViricides (NNVC) Stock Rallied 49.9% on Positive Results for Its COVID-19 Drug

Simon Mugo trader
Updated 21 Sep 2021

NanoViricides Inc (NYSEAMERICAN: NNVC) stock rallied 49.9% after results of an animal trial showed that its COVID-19 drug candidate showed promise when encapsulated with Gilead’s remdesivir.

The company has two drug candidates; the first is known as NV-CoV-2, which does not encapsulate remdesivir, while the second is known as NV-CoV-2-R, which is similar to NV-CoV-2 but encapsulates remdesivir.

Nanoviricides’ noted that the animal trial showed that double the remdesivir was retained in the blood plasma when administered NV-CoV-2-R compared to when Remdesivir was administered independently on the very first day.

The levels of Remdesivir retained in the blood kept rising with repeated dosing, with the level of remdesivir maintained in blood plasma after the fifth dose being 75% higher in the NV-Cov-2-R group compared to the remdesivir group.

As a bonus, the study revealed that the increased retention of remdesivir did not result in a corresponding increase in blood plasma toxicity.

Investors cheered the results, which indicate that NV-CoV-2-R could be a tremendous pan-coronavirus cure in the future.

Nanoviricides (NNVC) stock price.

Tradingview chart of Nanoviricides stock price 21-09-2021

NNVC stock rallied 49.86% during the premarket session to trade at $5.68, rising from Monday’s closing price of $3.79.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading