Virax Biolabs (NASDAQ:VRAX) stock is on the rise Wednesday after the company secured a PCR test distribution deal.
This covers the Marburg Virus Real Time PCR Kit. This kit is used for the detection of ribonucleic acid from the Marburg Virus. It’s an in-vitro diagnostic test that makes use of real-time PCR technology.
Virax Biolabs notes that the Marburg Virus is highly virulent and causes hemorrhagic fever. The severity of the disease means that there’s significant demand for accurate test kits. This has the company planning to distribute the kits in areas where CE marking is accepted.
James Foster, Chairman and CEO of Virax Biolabs, said the following about the news boosting VRAX stock today:
“We are committed to developing and distributing innovative diagnostic tools to combat infectious diseases. Our Marburg Virus PCR testing kit is a significant step forward in our mission to improve global health.”
What This Means for VRAX Stock
A distribution agreement is a win for investors in VRAX stock and it secures future sales. This has investors buying up shares today with some 10.3 million units on the move as of this writing. For comparison, the company’s daily average trading volume is closer to 1.4 million shares.
VRAX stock is up 14.2% as of Wednesday morning.
Investors looking for more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the latest stock market news traders need to know about on Wednesday. A few examples include why shares of Intuitive Machines (NASDAQ:LUNR), Gamida Cell (NASDAQ:GMDA) and Allarity Therapeutics (NASDAQ:ALLR) stock are moving today. You can catch up on all of that news at the following links!
More Wednesday Stock Market News
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On the date of publication, William White 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.
