Enlivex Therapeutics Ltd (NASDAQ:ENLV), a clinical-stage immunotherapy firm based out of Israel, announced today that it is going to raise the manufacturing capacity of its product Allocetra. What kind of effect will this have on ENLV stock moving forward?
Moving Ahead
The company made the announcement after the first case of coronavirus was confirmed in Israel. It goes without saying that ENLV stock has emerged as one of the bigger early gainers in the market on Monday, and it is likely that the stock is going to stay in focus for the rest of the day.
The product Allocetra being developed by the company is meant for treating patients who suffer from organ failure that is brought about by sepsis. Enlivex Therapeutics stated that the phenomenon is known as pathophysiology and results in organ failure. The whole thing is similar to symptoms that are usually consistent with those who have been afflicted with the coronavirus.
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The news proved to be a major positive trigger for ENLV stock, as trading volume rocketed to as many as 1.6 million shares, and the stock price soared by as much as 45% to $13.50 in the early trading session.
The coronavirus scare is currently regarded as one of the biggest healthcare risks in the world, and although it originated in China, cases have emerged in different parts of the world in recent weeks. That has resulted in a rally in the stocks of those companies involved in working on a treatment for it.
Hence, it is no surprise that ENLV stock rallied by such a degree today. In this regard, it is also necessary to mention that the stock has performed well over the past three months and soared over 75%.
Featured image: DepositPhotos © kritiya
