Home Trending Stocks What causesVaxart Inc. (VXRT) stock to turnaround on Monday?

What causesVaxart Inc. (VXRT) stock to turnaround on Monday?

Vaxart Inc. (VXRT) shares surged 22.07% in after-market to trade at $9.79 on Monday, May 3, 2021. Earlier, VXRT’s stock lost 25.60% to close Monday’s session at $8.02 per share. VXRT shares have soared 195.94% over the last 12 months, and they have moved up by 32.34% in the past week. Over the past three months, the stock has sink 48.49%, while over the past six months, it has added 51.32%.

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Let’s discuss its recent developments.


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Vaxart reported broad cross-coronavirus activity by its COVID-19 vaccine

On May 03, 2021, Vaxart, Inc. revealed new data obtained from its Phase I COVID-19 trial stating that VXA-CoV2-1, the company’s first COVID-19 oral vaccine triggers mucosal immunity and includes both the S and the N SARS-Cov-2 proteins, has broad cross-coronavirus activity.

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The previous study data proved that the Vaxartoral vaccine could be as protective as the leading injectable against flu and that it does so by triggering a very different immune response.

The company believes that these differences in immunogenicity profile may have a benefit in cross-reactive protection.

Financial results announcement

On May 03, 2021, Vaxart, Inc. released its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • Vaxartsuffered a net loss of $16.0 million or net loss per share of $0.14for the first quarter of 2021 compared to $1.3 million or net loss of $0.02 for the first quarter of 2020.
  • Q1 2021 revenue was $506,000 compared to $2.9 million in the first quarter of 2020.
  • It spent $10.1 million in research and development expenses compared to $1.5 million for the first quarter of 2020.
  • General and administrative expenses were $5.9 million for the reported quarter compared to $2.0 million for the first quarter of 2020.
  • As of March 31, 2021, Vaxart had cash, cash equivalents, and available-for-sale debt securities of $177.3 million, compared to $126.9 million as of December 31, 2020.

Participation at the World Vaccine Congress Washington 2021

Vaxart is going to take part in the upcoming world vaccine congress Washington which is taking place virtually from May 4-6, 2021.

The founder and chief scientific officer, Sean Tucker is going to do the presentation at 5:00 p.m. ET titled, “Vaxart oral COVID-19 vaccine; hold the ice and the needles,” 

New board member

On April 23, 2021, Vaxart, Inc. appointed DavidWheadon, M.D., to its Board of Directors. Dr. Wheadon is a health policy leader and physician with more than three decades of global experience in the pharmaceutical industry coordinating the interests of public companies, trade groups, and regulators.

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Conclusion

The VXRT stock plunged on Monday due to poor financial performance in Q1 2021 and later in the after-hours it surged after the company revealed the Phase I COVID-19 trial data confirming its Vaccine efficacy. We can see VXRT stock surge more on Tuesday.

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