The stock of Molecular Partners AG (MOLN) gained significantly on Monday after the company announced the topline data from the phase 2 study for Endovibep which is an antiviral treatment for Covid-19. The stock of Molecular Partners AG (MOLN) soared 30.46% to $21.50 from the previously closed value.
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Reason for the MOLN stock gain
Molecular Partners AG (MOLN) announced Topline results EMPATHY Part A study in COVID-19 patients comparing single doses of ensovibep. For 8 days, A DARPin antiviral therapeutic contender vs. placebo satisfied the primary endpoint of viral load decrease.
The 2nd variable of visiting the hospital associated with COVID-19, or death showed an overall 78% reduction in risk of possibilities across ensovibep arms compared to placebo. No deaths were seen in the ensovibep treatment arms. The number of patients enrolled in the Phase 2 study was 407 and ensovibep was secure at all doses of 75mg, 225mg, and 600mg. The 75mg is the intended dose for further action.
Ensovibep showed to be effective against all variants identified, including Omicron. Ensovibep is a multi-specific DARPin (Designed Ankyrin Repeat Protein), particularly developed to stop the receptor-binding domains of SARS-CoV-2 spike protein through powerful and unified binding, making it difficult for escape mutants.
Novartis ensures it will accelerate manufacturing scale-up and plans to seek expedited regulatory authorizations globally – first FDA Emergency Use Authorization (EUA). As soon as in-licensing is complete, Molecular Partners will get the first payment of 150 million CHF and be authorized to a 22% royalty on sales of ensovibep in commercial markets.
Effect on the stock gain
As soon as the news broke into the market the stock MOLN surged in the current market. Investors are investing in the stock after the company announced a potential candidate for an antiviral drug against Covid-19.
Conclusion
As the Molecular Partners AG (MOLN) announced positive results from its study, it shows a potential candidate for an antiviral drug against Covid-19. They are seeking to get emergency authorization of the drug from the FDA. Biotech companies having late-stage drugs in the pipeline have the potential to get approved.
