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Stock Alert: Vaxart Jumps In Pre-market On Positive Data From Oral Covid Vaccine Candidate

Shares of Vaxart, Inc. (VXRT) are climbing more than 16% in pre market on Tuesday after the company reported data from the early stage study of its oral Covid-19 vaccine candidate suggesting broad cross-reactivity against other coronaviruses.

Data from the Phase 1 study of Vaxart's oral Covid-19 vaccine candidate, VXA-CoV2-1 showed substantial T-cell responses, higher than the Pfizer and Moderna vaccines, the company said.

"CD8+ T-cells produced by our vaccine can recognize and are capable of destroying cells infected with the virus, including in the mucosa. The strength of T-cell responses against both S and N proteins, which we targeted, leads us to believe that VXA-CoV2-1 offers a promising solution to variants," said Dr. Sean Tucker, chief scientific officer at Vaxart.

Separately, Vaxart reported a net loss of $16.0 million or $0.14 per share for the first quarter compared with net loss of $1.3 million or $0.02 per share, in the same quarter a year ago, on lower revenue.

Revenue in the first quarter decreased to $506,000 from $2.9 million last year due to a reduction in royalty revenue related to Inavir sales in Japan as a result of abnormally low incidences of seasonal influenza.

VXRT closed Monday's regular trade at $8.02, down 25.6%. The stock is currently at $9.37.

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