Cocrystal Pharma stock doubles on massive volume shortly after progress on coronavirus drug candidates
Cocrystal Pharma stock doubles on massive volume shortly after progress on coronavirus drug candidates

Shares of Cocrystal Pharma Inc. COCP, +72.58% more than doubled on massive record volume in afternoon trading

Tuesday, a day after the biotechnology company said it has made "progress" in developing antiviral drug candidates that target coronaviruses, including those that cause COVID-19.

Trading volume skyrocketed to 559.5 million shares, compared with the full-day average of about 832,300 shares. Cocrystal launched its COVID-19 program in March 2020. The stock's previous record for trading volume was 81.1 million shares on Feb. 24, 2020. "We are aggressively developing novel coronavirus protease inhibitors for COVID-19 prophylactic and therapeutic use," said President Sam Lee, in Monday release.

"Our high-resolution x-ray cocrystal structures further confirmed the specific covalent interaction with this conserved region of the proteases of the coronaviruses SARS-CoV-2, SARS-CoV and MERS-CoV viruses." The stock, which was recently up 104.0%, has now run up 86.0% year to date, while the iShares Nasdaq Biotechnology ETF IBB, -2.84% has slipped 1.2% and the S&P 500 SPX, -0.67% has gained 10.5%.

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