EBS Stock Price: Emergent Biosolutions Inc jumps above $94 amid COVID-19 protective drug development
|- NYSE: EBS has kicked off trading by jumping over 5% to above $94.
- Emergent BioSolutions Inc. is collaborating with Mount Sinai Hospital on a coronavirus drug.
- Plasma-derived medication could help protest healthcare workers.
NYSE: EBS is on the rise after the Wall Street Journal revealed that the prestigious Mount Sinai Hospital in New York will be collaborating with Emergent BioSolutions Inc. on a drug that can help protect against coronavirus.
The Rockville, Maryland-based company is working on a medication derived from blood plasma taken from recovered COVID-19 patients that can prevent infections among healthcare workers. Doctors, nurses, and sanitary staff are at the forefront of battling the deadly disease – with a disproportional caseload among them. Results from the tests are due out shortly, according to the WSJ.
Emergent BioSolutions is a company that focuses on developing vaccines, including antibody therapeutics and also medication aimed at opioid overdoses.
EBS Stock Forecast
NYSE: EBS's value is nearing $5 billion, topping the previous peak in May. The current pricing exceeds the previous 52-week high of $93.58, and bullish investors may now have the round $100 insight. Emergent BioSolutions has gone a long way from its 52-week low of $39.11.
Potential support lines are at $89.52 – the mid-May peak, and then at $76.10, the base it stood at before the recent rise.
Broader stock markets are also on the rise, partially inspired by hopes for a COVID-19 cure or vaccination. US coronavirus figures are due out during the day and they may be dire. Wednesday's previously saw worrying increases. While that may weigh on the S&P 500 as a whole, it could benefit NYSE: EBS and other companies engaged in an effort to battle the illness.
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