Shares of NanoViricides (NNVC) jumped nearly 10% on Monday after the biotech firm announced progress toward a Phase II clinical trial of its experimental antiviral drug NV-387 for the Bundibugyo Ebola outbreak in the Democratic Republic of Congo.
According to the latest available data, the number of confirmed Ebola cases in the country has risen to 1,561, including 506 deaths.
Noble Capital initiated coverage of the stock with an ‘Outperform’ rating and a price target of $6, implying more than 350% upside from current levels.
NanoViricides said its proposal for the Phase II trial has already been approved by the relevant committee in the Democratic Republic of Congo. NanoViricides said NV-387 is the only oral Ebola treatment currently under consideration for clinical testing.
Unlike antibody therapies that require intravenous infusions, the gummies dissolve in the mouth without water, making them easier to administer. Currently, there is no approved treatment or vaccine for the Bundibugyo strain of the virus.
The company believes NV-387’s broad-spectrum approach could make it effective against multiple Ebola strains, potentially offering a new treatment option if clinical trials confirm its safety and effectiveness. NV-387 is being developed to treat respiratory viral infections such as COVID-19, Long COVID, and influenza, as well as mpox and smallpox.
Noble Capital said the NV-387 has the potential to treat multiple viral diseases and expects the stock to be driven by progress in the ongoing mpox and Ebola clinical trials, followed by the launch of a measles clinical program, according to The Fly.
Retail sentiment surrounding NNVC remained in the ‘bullish’ zone over the past 24 hours.
One user said that if the company continues to advance its broad-spectrum antiviral platform, “the market will start pricing in more than just another headline.”
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The stock has gained around 21% so far this year.
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