Vaccinex Stock Spikes On 'Promising' Data On Alzheimer’s Drug Study: Retail Sentiment Brightens

Clinical stage biotech company Vaccinex’s ($VCNX) stock was up nearly 16% (1:54 pm ET) on Thursday afternoon after the company said it will provide an update on safety and efficacy data from its Alzheimer’s drug study, lifting retail sentiment.

Rochester, N.Y.-based Vaccinex said it will present ‘promising’ new efficacy and safety data for a randomized, double-blind, phase 1b/2 SIGNAL-AD study for the treatment of Alzheimer’s disease. Its lead product candidate is related to studying pepinemab antibody, aimed at treating early stages of Alzheimer’s disease. The company’s last update on positive clinical findings from its SIGNAL-AD Phase 1b/2 trial were made in August.

VCNX stock is up 19.53% this week.

Retail sentiment on the stock turned ‘bullish’ (72/100) from ‘neutral’ (50/100) a week ago with message volumes climbing into the ‘high’ zone compared to ‘normal’ last week.

Many Stocktwits users were optimistic about its prospects even though the company has faced headwinds this year due to a challenging macro environment for biotech companies.

As on December 31, 2023, the company’s cash and cash equivalents and marketable securities stood at $1.5 million, down from $6.4 million as of Dec. 31, 2022. In Oct. 2023, the company raised $9.6 million from the sale of common stock and warrants.

VCNX stock is down 71% year-to-date.

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