Shares of the Vaxxinity, Inc. (VAXX) stock were popping high in the current market trading session today on January 19, 2022. VAXX stock price saw a surge of 16.44% to reach $8.57 a share at the time of this writing. The trading volume was 1,933,156, far higher than the average trading volume. Let’s understand the reason behind this rally.
What’s Happening with VAXX stock?
A few days ago, Vaxxinity announced that it has dosed the first patient with Parkinson’s disease with UB-312 in Part B of a double-blinded, placebo-controlled Phase 1 clinical trial. Previously the company completed part A of the Phase 1 trial in healthy volunteers. This is another milestone of the company in its effort to meet the needs of patients with UB-312. This reflects the positive progress of the company and is a good sign for long-term shareholders of VAXX stock.
UB-312 is a synthetic peptide vaccine that targets toxic forms aggregated α-synuclein (aSyn). It is the protein essential for synaptic functions. It also regulates the neurotransmitter release at the synapse. aSyn mutation causes the development of Parkinson’s disease and other synucleinopathies which include dementia and multiple system atrophy.
In the first week of January, the company announced that it had appointed Jason Pesile, MBA, CPA as the Senior Vice President, Finance & Accounting. The company also appointed George Hornig, Chairman of Xometry, as a member of its board of directors. Mr. Hornig is now serving the company as the independent director to chair the audit committee.
Financial View of the VAXX stock
VAXX on December 24, 2021, did announce the financial results of the third quarter ended September 30, 2021, according to which
The net loss of the VAXX stock was $30.4 million in the third quarter of 2021. This compares to $16.5 million in the same tenure of the previous year. The company spent $6.7 million in general and administrative expenses in the third quarter of 2021. The expenses were higher as compared to $5.1 million in the third quarter of the same period of the previous year. Research and development expenses in the third quarter of 2021 were $23.6 million, higher than $7.8 million in the prior-year same tenure. By the end of the third quarter, VAXX had $89.4 million in cash and cash equivalents.