Biotechnology company Translate Bio saw shares zoom Tuesday in early trading, as investors digested an optimistic company strength rating and last week’s news that it was starting trials of a mRNA flu vaccine.
Shares of the company were up more than 10.5% as of 10:20 a.m. ET, topping $25 for the first time since March.
Investor’s Business Daily increased its relative strength rating of Translate Bio from 69 to 75 late Monday, meaning the company has outperformed 75% of all stocks, regardless of industry group, over the past year. That increase came after the company’s earnings for the most recent quarter were up 241% and sales were up 644%.
Translate Bio also announced last week that it had begun Phase I clinical trials of a mRNA flu vaccine. After the success of mRNA vaccines with COVID-19, a successful flu version could be a breakthrough. The company says it expects interim data by the end of the year.
“We believe that mRNA technology could have several advantages for a seasonal flu application, including the potential ability to demonstrate robust immune responses based on preclinical data to date, enable antigen specificity within a short time frame from seasonal virus strain selection, and deploy agile manufacturing capacity,” said Ronald Renaud, CEO of Translate Bio, in a statement. “We look forward to evaluating the potential of these mRNA influenza vaccine candidates in this Phase I clinical trial.”
The company is also working on a COVID-19 vaccine in partnership with Sanofi.
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