SNG Stock Price: Synairgen plc completes six-fold leap in two days as CEO says things are moving very quickly
- LON: SNG is trading more than 10% higher, above 210 pence after its coronavirus cure proved efficient.
- Synairgen PLC's CEO Richard Marsen said that "things are moving very quickly."
- The pharma firm's collaboration with larger companies may scale up production.
LON: SNG was trading at around 35 pence per share only on Friday and is now around 210 pence – around six times its value. Synairgen PLC's stock is rising by over 10% on Tuesday, extending its surge recorded on Monday following the announcement that its drug drastically improves the survival chances of COVID-19 patients and helps them avoid complications – a 79% difference.
Richard Marsden, Chief Executive Officer of Synairgen, told Bloomberg TV that "things are moving very quickly" when referring to receiving approval for wide approval of the drug. British authorities have been eager to throw money at any vaccine or cure and have also been willing to fast-track of approvals. Other countries will likely follow the UK in giving a green light for usage if London does so.
Moreover, Marsden said that he is in touch with several larger pharmaceutical companies regarding scaling up the production of the medication. While the large firms may take a cut from SNG's profits, the rapid distribution could help it gain market share. It could also open the door to one of the giants purchasing the Synargien, which is only valued at around £328 million. That seems like a modest sum for a company at the forefront of the worst medical disaster in recent history.
Synairgen Stock Price
LON: SNG has already hit a high of 240 pence, and may be experiencing some profit-taking. Any upbeat news may push it higher. The round 200 pence level serves as a battleground.
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
