Here is why Adagio Therapeutics Inc. (ADGI) stock rallied in the after-hours on Wednesday?

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Adagio Therapeutics Inc. (ADGI) shares soared 25.39% in after-hours on Wednesday, January 12, 2021, and closed at $7.31. However, in the regular trading session, ADGI’s stock lost 3.16%. The stock volume remained 1.79 million shares. ADGI shares have moved down 10.31% in the past week. Over the past three months, the stock has lost 81.03%. The company has a current market of $669.40 million and its outstanding shares stood at 61.30 million.

Let’s see what are the latest news about the company?


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Recent ADG20 activity against Omicron

On January 12, 2022, Adagio Therapeutics, Inc. summarized recent findings reported in three separate publications that show ADG20, its lead monoclonal antibody (mAb), has neutralization activity against the Omicron (B.1.1.529) variant of SARS-CoV-2.

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All three studies showed that ADG20 is one of only a few mAbs that demonstrated neutralizing activity against Omicron. The data showed that ADG20 had an IC50, a measurement of neutralization potency, of approximately 0.4 to 1.1 µg/mL, which is comparable with the two other active mAbs, sotrovimab, and AZD7742.

ADGI also outlined initiatives to address current and future SARS-CoV-2 variants of concern. ADG20 is currently being evaluated in its global Phase 2/3 clinical trials for both the prevention and treatment of COVID-19. The company is engaged with the FDA regarding potential protocol updates to its global Phase 2/3 clinical trials.

ADGI participation in the upcoming event

Adagio Therapeutics, Inc., (ADGI) will participate in the 40th Annual J.P. Morgan Healthcare Conference which will be held on Thursday, January 13, 2022, at 7:30 a.m. ET. The company will be presented by its chief executive officer, Tillman Gerngross, Ph.D., during the event.

ADGI update about neutralizing activity of ADG20

On December 14, 2021, Adagio Therapeutics, Inc., provided an update following external in vitro analyses to evaluate the neutralizing activity of ADG20 against the Omicron SARS-CoV-2 variant.

The data showed a greater than 300-fold reduction in neutralizing activity of ADG20 against Omicron. The company is performing additional analysis to evaluate the role ADG20 can play in the prevention and treatment of COVID-19.

ADGI corporate update

On November 22, 2021, Adagio Therapeutics, Inc., appointed Jill Andersen as a chief legal officer, bringing over 20 years of legal, compliance, and leadership experience in the pharmaceutical industry, government, and private practice.

Also, ADGI announced that Redonda Miller, M.D., MBA, president of The Johns Hopkins Hospital, and Ellen Marram, an experienced corporate director and board leader, have joined Adagio’s board of directors.

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Conclusion

Well, the recent positive update of ADG20 against Omicron was the reason behind its exceptional gains in the after-hours on Wednesday we can expect it to continue its streak in the coming trading sessions as well.

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