Please ensure Javascript is enabled for purposes of website accessibility

Why Immunome Stock Skyrocketed Today

By Joe Tenebruso - Feb 18, 2021 at 7:06PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The recent IPO's coronavirus antibody breakthrough could be a game changer in the fight against COVID-19.

What happened

Shares of Immunome (NASDAQ:IMNM) soared on Thursday after the biotech announced the discovery of antibodies that could neutralize multiple coronavirus variants. 

By the close of trading, Immunome's stock price was up 75% after rising as much as 187% earlier in the day.

So what

Immunome said it isolated "potent" antibodies that are potentially capable of neutralizing several variants of SARS-CoV-2, the virus that causes COVID-19. These strains include the South African variant, according to the company.

A person is pointing to an upwardly sloping line.

Investors bid up Immunome's shares on Thursday following its exciting announcement. Image source: Getty Images.

Highly contagious coronavirus mutations are spreading rapidly around the world. Many health officials are concerned that currently authorized vaccines may be less effective against these new strains.

"We believe that our comprehensive strategy could combat the negative impact of escape mutants," Immunome CEO Purnanand Sarma said in a press release. "We are encouraged by these results and plan to continue development efforts on these antibodies."

Now what

Immunome received a $13.3 million award from the U.S. Department of Defense to help fund its COVID-19 program. Immunome also raised $39 million in its initial public offering (IPO) in October. It thus has a decent capital base to finance its development efforts. Based on its promising antibody research, Immunome will likely have little trouble raising more cash from investors to advance its coronavirus program.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
330%
 
S&P 500 Returns
115%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/22/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.