By Josh Beckerman
HCW Biologics shares skyrocketed as the company entered a licensing agreement with China's WY Biotech for an immunotherapeutic product candidate.
The stock had chalked up a seven-fold rise to $2.25 early Monday afternoon, on volume of more than 418 million shares, compared with a 65-day average of 48,629. The intraday high of $2.52 marks a 52-week peak and a recovery from Friday's 52-week low of 28 cents.
HCW will receive a $7 million upfront payment and is eligible to receive additional milestone payments and double-digit royalties on future product sales.
"Our preclinical studies demonstrated that this multi-functional product candidate is highly effective at inducing anti-tumor CD8(+) T cell and NK cell responses without triggering unwanted side effects in relevant solid tumor animal models," HCW said.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
November 18, 2024 13:07 ET (18:07 GMT)
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