Why Is Vaccine Focused Gritstone bio Stock Trading Higher Today?
Portfolio Pulse from Vandana Singh
Gritstone Bio Inc (NASDAQ:GRTS) has received a contract worth up to $433 million from the Biomedical Advanced Research and Development Authority (BARDA) to conduct a Phase 2b study of its self-amplifying mRNA (samRNA) vaccine candidate for COVID-19. The study, part of the U.S. Department of Health and Human Services' 'Project NextGen', will involve 10,000 participants and is expected to begin in Q1 2024. Following the news, GRTS shares rose 33.60% in premarket trading.
September 28, 2023 | 12:54 pm
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Gritstone Bio Inc has received a significant contract for its COVID-19 vaccine candidate, leading to a sharp rise in its stock price.
The contract from BARDA is a significant endorsement of Gritstone's vaccine candidate and provides substantial funding for its further development. This is likely to have boosted investor confidence in the company, leading to the sharp rise in its stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100