XBiotech Has Identified COVID-19 Antibodies to Be Used as Therapy
XBiotech shares made a handy gain on Monday after the company said that it has identified True Human antibodies that could potentially be used as a therapy against SARS-CoV2.
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XBiotech Inc. (NASDAQ: XBIT) shares made a handy gain on Monday after the company said that it has identified True Human antibodies that could potentially be used as a therapy against SARS-CoV2.
The firm found these antibodies through a collaboration with BioBridge Global, which is the parent organization of the South Texas Blood & Tissue Center and QualTex Laboratories, one of the largest independent testing laboratories in the United States.
For the collaboration, BioBridge Global used XBiotech’s proprietary COVID-19 screening technology to identify blood donors who had been infected by the novel coronavirus, as part of a program to provide convalescent plasma to treat patients suffering from severe COVID-19 infections.
In return, BioBridge Global provided XBiotech with blood samples from patients who had been infected with COVID-19. For its antibody discovery process, XBiotech selected blood samples from patients who had recovered rapidly from the virus without serious illness, factors that indicated these donors had antibodies that were highly effective at protecting them against the virus.
XBiotech originally received its donor blood and launched its discovery program for COVID-19 True Human antibodies back in May. Currently, the firm has a number of True Human antibodies that precisely block the COVID-19 virus’s ability to be infectious and at the same time enable the body to clear the virus naturally.
Excluding Monday’s move, XBiotech stock had underperformed the broad markets, down about 8% year to date. However, over the past 52 weeks, the stock is actually up closer to 122%.
XBiotech stock traded up about 10% to $18.86 on Monday, in a 52-week range of $7.82 to $26.40. The consensus price target is $18.00.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
