Vaxart Inc (VXRT) Stock Gains Momentum: Is it a Breakout Now?

The Vaxart Inc (NASDAQ:VXRT) stock is on the move this morning after the clinical stage biotech firm, involved in the development of oral vaccines, announced that it signed an exclusive global agreement with Altesa Biosciences. The announcement seems to have been welcomed by the market and the Vaxart stock has gone up by 6% this morning so far.

As per the terms of the agreement signed by the two parties, Altesa is going to get the exclusive rights to commercialise and develop Vaxart’s formulation capsid-binding Vapendavir. The patent for the formulation belongs to Vaxart and it is regarded as an anti-viral that has a broad spectrum.

It could turn out to be a lucrative association for Vaxart and it is possible that investors have looked into the deal in the same vein as well. Andrei Floroiu, who is the Chief Executive Officer of Vaxart, stated that the company believes that Vapendavir could help in guarding against a number of viral infections for which there are no anti-viral products at this point. On the other hand, it is also necessary to remember that there is still considerable intrigue about the oral COVID 19 vaccine that the company is working on at this point.

Market Reactions:

As of 11, VXRT stock gained by 6% at $7.80. Total volume so far stood at 15 million shares, compared to its average volume of 19.22 million shares.  The stock moved within a range of $7.24 – 8.39after opening at $7.82.