Shares of NXP Semiconductors NV (NASDAQ:NXPI), Conduent (NYSE:CNDT), and CalAmp (NASDAQ:CAMP) were all rising by double-digit percentages today on positive news that a coronavirus vaccine is showing promise after a round of human testing.
As of 3:57 P.M., EST NXP Semiconductors' shares were up 12.6%, Conudent stock skyrocketed 21.8%, and CalAmp shares were up 10.6%.
Moderna, a biotech company, said today that its potential COVID-19 vaccine, mRNA-1273, has shown some positive initial results after being tested on a very small group of people. Moderna's chief medical officer, Tal Zaks, M.D., Ph.D., said in a press release,
"When combined with the success in preventing viral replication in the lungs of a pre-clinical challenge model at a dose that elicited similar levels of neutralizing antibodies, these data substantiate our belief that mRNA-1273 has the potential to prevent COVID-19 disease and advance our ability to select a dose for pivotal trials."
The company said 45 people were involved in the study and that the "mRNA-1273 elicited neutralizing antibody titer levels" in eight initial participants." The neutralizing antibodies could be a key part of protecting humans from the virus.
Of course, much more testing is required before a vaccine could potentially be used and distributed, but this initial study from Moderna is promising. Moderna's CEO, Stéphane Bancel, said in a statement that the company has one more phase of testing before it can potentially file for a Biologics License Application (BLA) with the FDA.
"With today's positive interim Phase 1 data and the positive data in the mouse challenge model, the Moderna team continues to focus on moving as fast as safely possible to start our pivotal Phase 3 study in July and, if successful, file a BLA."
Investors jumped on the news and have been pushing stocks up all day, including these tech companies, and the broader S&P 500 has gained more than 3.5% as of 3:57 P.M. EST.
Today's share price gains from these companies comes after NXP Semiconductors' stock popped 20% in April, CalAmp's shares spiked 49%, Conduent's stock had modest gains of 2.8%. Even with those gains, and with the broader market climbing today, it doesn't mean that the market is stabilizing just yet.
The S&P 500 is still down 12.5% over the past three months. Meanwhile, NXP Semiconductors, Conduent, and CalAmp are down 25.3%, 51.2%, and 39.6%, respectively, in the same period.
The market is still processing a daily dose of coronavirus news, and with unemployment rising in the U.S. and fears of a U.S. and global recession, these companies are likely to experience more wild share price swings in the coming months.