Vaxart (VXRT.US) stock plunged more than 50% during today's session after its experimental oral Covid vaccine showed disappointing preliminary data from its Phase 1 study. The biotechnology company announced that the vaccine was generally well-tolerated, however neutralizing antibodies were not detected among the 20 study participants who received two doses of the drug. Neutralizing antibodies bind to viruses in a way that prevents them from replicating. The company said no severe adverse events were reported in the phase one trial, with side effects generally being mild. Vaxart is still confident that its tablet will not only be able to treat the coronavirus but also handle the emerging new strains of the virus. “Our Phase I results highlight the importance of our differentiated vaccine design, as they suggest VXA-CoV2-1 could have broad activity against existing and future coronavirus strains," Chief Executive Andrei Floroiu said in a statement. Vxart’s Covid vaccine is in a small tablet and can be shipped and stored at room temperature, unlike Pfizer and Moderna’s vaccines.
Vaxart (VXRT.US) launched today’s session with a massive bearish price however buyers managed to find some support at the $8.95 level which is additionally strengthened by 50 SMA (green line). Source: xStation5
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