Dyadic International Inc. (NASDAQ:DYAI) Stock Turns Volatile: Here is Why
Dyadic International Inc. (NASDAQ:DYAI) was up 13% after an intraday surge of more than 62%. The biotech company is focused on enhancing, deploying, and improving its novel C1-cell protein manufacture platform to expedite development, improve biologic drugs and vaccine development, and lower production costs.
The trigger for the jump is the announcement that the company has signed a coronavirus vaccine tech transfer and licensing deal with South African-based Rubic Consortium. Rubic focuses on discovering, developing, evaluating, and manufacturing premium quality and affordable vaccines for distribution in African markets.
As per the agreement’s details, Rubic will have a license to utilize the C1 Platform for R&D, manufacturer, regulatory approval, launch, commercialization, and marketing of a coronavirus vaccine manufactured in South Africa for distribution across the continent. In addition, the company will use the C1 platform in conducting R&D, preclinical and clinical trials, and commercialization of the COVID-19 vaccine. On the other hand, Dyadic will facilitate tech transfer of its C1 platform via clinical trials completion. So in the coming days, DYAI is a stock to watch.
Market Reaction:
On Tuesday, DYAI stock jumped 13% at $3.89 with more than 96.03 million shares, compared to its average volume of 234k shares. The stock has moved within a range of $3.7000 – 5.6000 after opening the trade at $3.91. Over the past 52-week, the stock has been trading within a range of $3.1500 – 9.1900.