VCNX Stock Price Increased Over 18% Intraday: Why It Happened

By Amit Chowdhry ● February 22, 2021
  • The stock price of Vaccinex, Inc. (Nasdaq: VCNX) increased over 18% during intraday trading today. This is why it happened.

The stock price of Vaccinex, Inc. (Nasdaq: VCNX) increased over 18% during intraday trading today as it went from a previous close of $4.88 to a day high of $5.79. Investors are responding to Vaccinex announcing that Surface Oncology will be exercising its option to license the anti-CCR8 antibody discovered via Vaccinex’s ActivMAb antibody discovery and novel viral display platform. 

The antibody SRF114 is a fully human IgG1 anti-CCR8 antibody that selectively depletes immuno-suppressive tumor T regulatory cells (Tregs) while sparing peripheral Tregs. And the terms of agreement with Surface Oncology provided that Surface Oncology pay technology access and licensing fees in addition to research funding and that Vaccinex will qualify for development milestone payments and royalties.

KEY QUOTE:

“We are thrilled to continue building on the recent success of our ActivMAb platform with the announcement of our licensing deal with Surface Oncology. The presence of Treg in human tumors is associated with resistance to immunotherapy and blocking CCR8 has been demonstrated to potentiate inhibition of tumor growth in animal studies. Data presented at SITC 2020 demonstrated that SRF114 specifically binds to human CCR8 and induces Treg destruction through antibody-dependent cellular cytotoxicity. We are pleased to have played a part in the development of this promising drug candidate and look forward to following continuing development of SRF114 and further interactions with Surface Oncology.”

— Ernest Smith, chief scientific officer of Vaccinex

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.