On Tuesday, the Virpax Pharmaceuticals (NASDAQ:VRPX) stock had emerged as one of the biggest gainers in the market and clocked gains of as much as 265%. However, there has been no letting up in the rally this morning and in the premarket trading period, the stock has soared by another 105% as investors continued to pile on to it.
On Tuesday, the company received a response from the United States Food and Drug Administration with regards to its anti-viral barrier product MMS019 and that led to the remarkable rally in the stock that is continuing in premarket trading period this morning.
The response from the agency is significant since it has now opened a pathway by way of which the Virpax can submit an New Drug Application for the product. As per the press release from the company yesterday, it is now planning to submit the New Drug Application and if it does so, it is going to be sent in to the Office of Non-Prescription Drugs.
It is clear to see why investors are excited and the trading volume went through the roof as well. It is now perhaps time for investors to keep a very close eye on the price action in the Virpax stock.