Today, one of the best-performing stocks in the market is Immuron (NASDAQ:IMRN). At the time of writing, IMRN stock has soared more than 40% on extremely high volume.
This move brings IMRN stock to its highest level in more than a month. Accordingly, an extreme amount of bullish sentiment appears to be priced into the stock today. This especially small micro-cap stock has seen its market capitalization surge to a little more than $20 million at the time of writing. Thus, IMRN has clearly made many investors’ watchlists today.
This Australia-based biopharma company is focused on developing and commercializing orally targeted polyclonal antibodies. Immuron targets various infectious diseases, but has also expanded its research to include other ailments, including gut pathogens.
Today, a big announcement is boosting IMRN stock. Let’s dive into what investors are watching with this biopharma name.
What’s Behind Today’s Surge in IMRN Stock?
Today, Immuron announced the company had received a $4.5 million award from the U.S. Department of Defense to evaluate one of the company’s key drugs for military use. The drug, Travelan, will be tested for use by the military for those suffering from Traveler’s Diarrhea caused by enterotoxigenic Escherichia coli (ETEC). It’s expected that “60 healthy volunteers” in the U.S. will undergo a controlled human infection model clinical trial.
This grant represents an expansion of an existing clinical study on the drug. Accordingly, the market is viewing the DoD’s investment as a strong signal that there’s something behind the development of Travelan.
As an early-stage biopharma company, IMRN stock is a name many investors may simply not have heard of. However, the company’s press release today suggests there could be some strategic benefit to its Travelan drug.
On the date of publication, Chris MacDonald did not hold (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.