Vaccinex, Inc. (VCNX), a clinical-stage biotechnology company, has surged 32.35% during the premarket trading session and consequently is trading at $1.35 at the time of the writing. The surge could be attributed to a tremendous announcement from the company. During Tuesday’s regular trading session, the stock gained an increase of 0.49% and closed the day at $1.02.
Why VCNX Soaring?
Hours ago, VCNX has reported the positive interim response data in Phase-1b segment KEYNOTE-B84 study which concerns a combination of Vaccinex’s pepinemab with Merck’s anti-PD-1 therapy, known as KEYTRUDA. The study is intended for patients with recurrent or metastatic head and neck squamous cell carcinoma. Out of the three patients enrolled in the Phase-1b segment, two were observed to have a complete response (CR).
Q3 2021 Operational Results
In early November, VCNX released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated total revenue of $50,000 during the quarter against $0.62 million for the same period of 2020. The total costs and expenses bore by the company during the three months stood at $5.1 million against $9.2 million for the same three month period of 2020. The net loss suffered during the period was $5.2 million (or $0.17 per share) against $8.7 million (or $0.44 per share) for the same period of 2020.
Maurice Zauderer, PhD, President and Chief Executive Officer of VCNX, while commenting on the results said that although the company has made some slow progress in pepinemab clinical programs since the last quarterly update, it has shown excellent results. Alongside that, the company is actively engaged in discussions with potential partners for advancing its ongoing Huntington’s disease-related program.
Future Outlook for VCNX
Stats reveal that during the last three months, VCNX stock has faltered by approximately 40% owing to the uncertainties associated with its trials. For analysts, the stock holds a sell signal from for short as well as the long term average. Hence, they hold a negative evaluation of the stock, as it is expected to perform weakly during the next few days.