Biotech Shares Higher Following Monkeypox Test Kit Annoucement

Biotech Shares Higher Following Monkeypox Test Kit Annoucement

By: Dylan Sikes – News

Tuesday, September 20, 2022

A London-based biotech company is seeing its shares soar on Tuesday after it was announced that the company has distributed a monkeypox-test kit in certain market. Having flashbacks of the beginning of the COVID-19 pandemic, naturally traders jumped on this trade immediately, sending share of Virax Biolabs Group Ltd (Nasdaq:VRAX) higher during Tuesday’s session. 

Virax Biolabs Group Ltd is a innovative biotechnology company focused on the prevention, detection, diagnosis and risk management of viral diseases with a particular interest in the field of immunology. It is developing a proprietary T-Cell Test technology with the intention of providing an immunology profiling platform that assesses each individual's immune risk profile against major global viral threats. T-Cell testing is particularly effective in the diagnosis and therapeutics of COVID-19 as well as other threats including Hepatitis B, Malaria, Herpes and Human Papillomavirus.

Traders were extremely optimistic about the news as shares reached up to $3.74/share (+51.42%) at the session high. This move is on extremely high volume, indicating a potential consensus was met by the investment community. 

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