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What’s the reason behind IMNM stock’s rapid increase?

Immunome, a biopharmaceutical company, has recently claimed that they have isolated an antibody that is highly effective against SARS-CoV-2 variants. Immunome stock climbed higher in the market after their press release and the share volume increased from 117,600 shares to 506,600 shares.

Immunome is a biopharmaceutical company that makes use of human memory B cells to discover first-in-class antibody therapeutics. The Covid-19 antibody discovery was observed during their ongoing antibody cocktail project.

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Viruses mutations and their spread is a challenging factor in the discovery of the treatment viral disease. Corana virus being highly contagious, is spreading rapidly around the world. According to officials, in such scenario the vaccines are being less effective against the new strains.

In a press release, CEO PurananandSarma Said,

“Our findings underscore the power of Immunome’s discovery engine to quickly identify antibodies that are broadly effective against SARS-CoV-2 and its variants. Of note, Immunome’s discovery engine has identified antibodies that bind to conserved epitopes of SARS-CoV-1 and SARS-CoV-2 spike, as well as to other non-spike targets. We believe that our comprehensive strategy could combat the negative impact of escape mutants. We are encouraged by these results and plan to continue development efforts on these antibodies.”

Immunome also received a grant of $13.3 million from the U.S. Department of Defence which helped them and boosted their research work. Similarly, during October Immunome raised $39 million in its initial public offering (IPO). Because of their research, claim, and press release IMNM attracted many investors to join their hands. On Thursday, Immunome share blasted 212.6% higher toward new highs.

By observing all such factors there will be less trouble in raising more cash from investors to advance their coronavirus program. Similarly, the effectiveness of antibody and viral mutation rate can be a risk and a challenge for not only researchers but also for investors.