Amid the carnage in the technology sector over the last few sessions, the COVID-19 crisis has taken a backseat to a much-needed correction in the markets. However, there are still issues moving in response to the crisis.
VXRT) and is the PreMarket Prep Stock Of The Day.
On June 25, the company announced it signed a Memorandum of Understanding with Attwill Medical Solutions LP (AMS) affirming the parties’ intent to establish AMS as a resource for lyophilization development and large scale manufacturing including tableting and enteric coating for Vaxart’s oral COVID-19 vaccine. AMS will be assigning dedicated resources and equipment for the scale-up and commercial production of the vaccine upon entering a formal agreement.
During that session, it nearly doubled to $6.26 on monster volume. In volatile fashion, it worked its way higher before ending that session at a four-year closing high of $16.97 on July 14.
Beside profit-taking, another catalyst for the retreat may be the revelation of a shareholder lawsuit by multiple law firms, on the behalf of customers who suffered losses due to securities fraud. A large portion of the technical damage was done in late July as the issue slumped to end the month at $9.39.
After attempting to stabilize at the $10 area in the first few weeks of August, it had another leg lower as the lawsuits continued to mount, reaching its low for the decline on Sept. 2 ($4.53). It ended last week not far off that low at $4.93.
In a fairly tight range following a higher open, it made its current high and low for the day in the first hours of the session. As of 11:30 a.m. ET, it found buyers just above Friday’s closing price of $4.93 at S5.11. On the upside, buyers have not been to take the issue anywhere near its pre-market high as $5.69 stands as the high for the day.
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