Stock Alert: Anixa Shares Up 18% In Premarket

(RTTNews) - Shares of Anixa Biosciences Inc. (ANIX) are rising over 18% in pre-market today, after a strategic collaboration with OntoChem GmbH to discover and develop anti-viral drug candidates for COVID-19.

Dr. Amit Kumar, President and CEO of Anixa Biosciences stated, "...we believe that newly designed drugs that are purposefully developed to specifically target SARS-CoV-2, enabled by the recent studies of the molecular biology of this virus, will have the potential to be far more effective than hoping to get lucky with a repurposed drug. Therefore we are initiating this program to identify drugs that may have much greater efficacy. Additionally, the research plan is designed to identify compounds that might have efficacy not only against SARS-CoV-2, but other similar viral diseases as well."

The stock has been trading in the range of $1.33 - $5.45 for the past one year, and closed Friday's trade at $1.99, up 6 cents or 3.11%. ANIX is currently trading at $2.35, up 36 cents or 18.09% in the pre-market trading session.