Today, one of the stocks that’s on the move in a big way is NanoViricides (NYSE:NNVC). This global leader in virus-related nanomedicines has been on the watchlist of traders for some time. That’s because this company has been moving toward developing oral and pediatric drugs designed to be effective against most variants. Today, NNVC stock has been placed under a “news pending halt” for most of the morning session.
We’ll get to what a news pending halt is in a moment. However, it’s important to consider why investors may be looking at NanoViricides so closely right now.
Given the current stage of the pandemic, this biotech is rightly gaining a lot of attention from investors. The company’s aim to provide a Covid-19 candidate that is not only effective against variants but also safe for pediatric use — and available in pill form — is extremely enticing to investors. Accordingly, with a Food and Drug Administration (FDA) decision set to verify whether Covid-19 vaccines will be allowed for the under 12 group, investors and traders are looking more closely at these niche biotech stocks right now.
Let’s get into the news pending halt and what that was all about today.
News Pending Halt Sees NNVC Stock Skyrocket This Morning
A news pending halt can be good or bad for a given stock. Generally, when a stock is halted during the middle of a trading day, it means material information is set to be released midday, rather than before the open or after close, as is typically customary.
This tends to happen in a breaking news type of scenario. Today, NanoViricides had some breaking news of its own that resulted in this news trading halt.
Reportedly, earlier this morning, Benzinga leaked an exclusive report showing that NanoViricides’ Covid-19 candidate NV-CoV-2-R resulted in “almost double the remdesivir [remaining] intact in plasma when given as the encapsulated form.” This news follows previously announced news that NanoViricides was undertaking with remdesivir to treat Covid-19 approximately one week ago.
Currently, the market is still digesting these results. However, NNVC stock has skyrocketed from a gain of approximately 50% when I started writing this article, to a 100% gain currently. This is likely to be a very volatile stock today and one investors will watch closely.
On the date of publication, Chris MacDonald 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.