Ohio-based biotechnology company Blue Water Vaccines (NASDAQ:BWV) saw its share price skyrocket today. Indeed, BWV stock closed up 93% for the day, for little apparent reason. The vaccine maker’s share price has been the subject of substantial volatility since the stock first debuted in February.
What do you need to know about BWV stock?
Well, today marks another strange milestone for Blue Water Vaccines. Specifically, the biotech firm — perhaps best known for its preclinical influenza vaccine candidate — has had a few interesting developments in the past month which may be behind the jump.
On April 21, the company presented at the World Vaccine Congress 2022, in Washington, DC. Blue Water used the opportunity to offer data supporting its influenza vaccine candidate. CEO Joseph Hernandez spoke about the company’s progress:
“The large seasonal burden of influenza warrants the development of improved vaccines […] This data for H3N2 and influenza B epitopes supports our commitment to develop a vaccine that provides broad protection against all strains and eliminating the need for annual immunization. We are excited to continue our collaboration with The University of Oxford and move forward with this research supporting one of our lead vaccine candidates.”
So, what else do you need to know about BWV?
BWV Stock Soars on No News
Per the World Health Organization (WHO), there continue to be more than 1 billion influenza infections each year, millions of which are considered severe. As such, Blue Water’s recent presentation could be playing a role in the company’s jump this Tuesday.
With that said, BWV stock is also unabashedly volatile. When the stock first entered April, it shot up as high as $63 before plummeting later in the week. Currently, the company trends around $6.45 per share.
It remains unclear exactly why Blue Water jumped. However, given the uncertain state of the markets lately, that shouldn’t come as much of a shock to biotech investors.
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On the date of publication, Shrey Dua 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.