Tags: Ebola | Tekmira | Pharma | Shares

Betting on Ebola: Tekmira Pharma Shares Gyrate

Monday, 04 Aug 2014 06:10 PM

Shares of Tekmira Pharmaceuticals rallied on Monday, only to fall back after a CNN report suggested another company could be first to see its Ebola treatment used to treat an outbreak in Africa.

After trading as high as $16.87, the shares closed at $13.26, down 7 percent from Friday's close. Trading of more than 14 million shares made it the busiest day in the stock's history.

CNN reported Monday that two American missionary workers who had contracted Ebola were treated with varying success by a drug from biotech company Mapp Biopharmaceutical Inc, a private company.

Tekmira was one of a few companies to have developed Ebola treatments advanced enough to be tested on people. In July, the U.S. Food and Drug Administration placed a hold on a clinical trial for a Tekmira drug in development due to safety concerns. On Friday, however, the FDA said it "stands ready" to work with patients in need of treatment.

Hope that Tekmira's drug might be used in the wake of the outbreak sparked a furious rally in the shares Monday morning. The stock gained more than 18 percent before slumping on the news that a drug developed by Mapp had been used to treat two patients.

The Mapp Biopharmaceutical drug, ZMapp, has not been approved for human use yet, according to CNN. The two patients were reported to be in stable condition after being given the drug.

Tekmira's shares recovered somewhat in aftermarket trading Monday, gaining 3.5 percent to $13.72.

© 2017 Thomson/Reuters. All rights reserved.

 
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Shares of Tekmira Pharmaceuticals rallied on Monday, only to fall back after a CNN report suggested another company could be first to see its Ebola treatment used to treat an outbreak in Africa.
Ebola, Tekmira, Pharma, Shares
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2014-10-04
Monday, 04 Aug 2014 06:10 PM
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