- A biotech giant is speeding up the development of a therapy against COVID-19.
- The drug can act as a vaccine and also treat infected patients.
- Investors have welcomed the news by pushing the company’s stock up in after hours trading.
A potential SARS-CoV-2 (coronavirus) vaccine is coming sooner than expected. Biotech titan Regeneron (NASDAQ: REGN) now seeks to deploy a unique approach against COVID-19. The therapy can act as a vaccine to prevent infection and also treat infected patients. Investors have responded by rushing to buy the company’s stock.
Regeneron’s Stock Up Big After Announcement of Accelerated Timeline
The announcement of the new treatment has sent REGN skyrocketing. Shares of the pharmaceutical company are up nearly 12% in after hours trading after hitting its 52-week high Tuesday. The stock is posting gains despite the overall negative sentiment in the market.
Regeneron said it plans to have a potential treatment for COVID-19 ready for human clinical trials as early as June. Investors welcomed the news as the company previously said it will conduct human testing in late summer. The update represents a two-month acceleration from the expected timeline.
In a CNBC interview, Regeneron’s co-founder and chief scientific officer said,
There are always so many moving parts, but … we’re hitting our best numbers, our best timelines, and things are going really well.
REGN May Continue to Spike as CEO Says Covid-19 Drug Can Be Available ‘Fairly Quickly’
The biotech giant is developing the therapy by experimenting on genetically-engineered mice that have immune systems comparable to humans. The mice get infected with a piece of the SARS-CoV-2 virus and they will create human antibodies that can be mass produced and given to human patients.
Regeneron claims it has already isolated hundreds of antibodies that combat the virus on top of…