AlloVir (NASDAQ:ALVR) stock is taking off on Wednesday following an update from the U.S. Food and Drug Administration (FDA) on posoleucel.
Posoleucel is AlloVir’s lead investigational multi-virus-specific T cell therapy designed to prevent “clinically significant infections and disease from six devastating viruses that commonly impact high-risk adult and pediatric patients following allogeneic hematopoietic cell transplant.” That includes adenovirus, BK virus, cytomegalovirus, Epstein-Barr virus, human herpes virus-6, and JC virus.
The big news today is the FDA granting posoleucel Regenerative Medicine Advanced Therapy (RMAT) designation. It’s worth noting that this is the third RMAT designation that the FDA has granted to posoleucel.
Ercem Atillasoy, M.D., chief regulatory and safety officer at AlloVir, said the following about the news sending ALVR stock higher.
“The receipt of three RMAT designations for a single therapy is unprecedented. Posoleucel’s three RMAT designations reflect the strength of AlloVir’s multi-virus platform and its potential both to deliver an important treatment option for immunocompromised patients who currently have none, and to transform the management of allo-HCT patients with a multi-virus prevention approach.”
News of the third RMAT designation for posoleucel has ALVR stock seeing heavy trading today. As of this writing, more than 70 million shares of the stock have changed hands. That’s a massive increase over its daily average trading volume of about 271,000 shares.
ALVR stock is up 31.5% as of noon Wednesday!
Investors seeking more stock market news today will want to stick around!
We’ve got all the most recent stock news traders need to know about for Wednesday! That includes the latest news affecting shares of FuboTV (NYSE:FUBO) stock, Nasdaq (NASDAQ:NDAQ) stock, and Tesla (NASDAQ:TSLA) stock. You can read all about these matters at the following links!
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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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