Gritstone bio jumps on $433 million US contract for COVID vaccine study

Gritstone bio

28/09/2023 10:59

** Shares of vaccine developer Gritstone bio  GRTS.O  rise
35.3% to $1.61 premarket  
    ** Co, late on Wednesday, secured a $433 million contract by
the U.S. government to conduct a mid-stage study of its
mRNA-based COVID-19 vaccine candidate 
    ** "We view this deal as highly favorable as it provides
important validation of Gritstone's infectious disease platform,
and offers a risk-free opportunity to potentially participate in
the long term COVID-19 vaccine market," TD Cowen analyst Marc
Frahm said in a note 
    ** Study will compare the efficacy, safety and
immunogenicity of Gritstone's COVID-19 vaccine candidate with an
approved vaccine
    ** GRTS plans to initiate the mid-stage study in the first
quarter of next year
    ** Up to Wednesday's close, stock down ~65% YTD  

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))