Vaxart (NASDAQ:VXRT) stock is down in intraday trading following the release of disappointing preliminary data regarding its vaccine candidate. Despite being “well-tolerated” and triggering “multiple immune responses,” the company said “neutralizing antibodies were not detected” in recipients of the oral tablet vaccine.
That’s bad news to receive in Phase I of clinical trials, especially when you consider that vaccine candidates by both Moderna (NASDAQ:MRNA) and the joint team of Pfizer (NYSE:PFE) and BioNTech (NASDAQ:BNTX) have already been authorized for use. Plus Johnson & Johnson (NYSE:JNJ) has its vaccine in Phase III of trials and looks liable to receive federal authorization as well.
The news hit especially hard because Vaxart had become an object of interest for a potential short squeeze following the chaos of speculative trading last week fueled by subreddit r/WallStreetBets. Bullish trading on Tuesday saw VXRT close at $23.33 before declining in afterhours trading to open at $10.84 today.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.
