Oragenics (NYSEAMERICAN:OGEN) stock is surging higher on Tuesday following news that the company is developing a new vaccine for the novel coronavirus.
According to a press release, Oragenics has signed a licensing agreement with the National Research Council of Canada (NRC) to develop the coronavirus vaccine. It plans to use this data in combination with elements found in its Terra CoV-2 vaccine to create a platform for the new vaccine.
Oragenics notes that it will be able to rapidly develop its COVID-19 vaccine. That is thanks to its platform allowing for “high-yield production of spike protein antigens for existing and emerging variants.”
This should allow Oragenics to create vaccines within six to eight weeks of spike gene sequence availability. That’s a massive improvement over the traditional six to nine months it takes to produce those cell lines.
Frederick W. Telling, Ph.D., executive chairman of Oragenics, said this about the news boosting OGEN stock today.
“With respect to our potential future competitive positioning against currently available SARS-CoV-2 vaccines, we believe the licensed technologies will improve development speed, while the ability to rapidly engineer new vaccine antigens will permit us to quickly address new variants as they arise.”
OGEN stock is seeing major movement today following its coronavirus vaccine news. This has more than 111 million shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is about 2.2 million shares.
OGEN stock was up 61.6% as of Tuesday morning and is up 96.2% since the start of the year.
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More Tuesday Stock Market News
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- What Did the Stock Market Do Today? 3 Big Stories to Catch Up On.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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