Stocks In The News: VRAX, MULN, TNXP
3:47 pm Monday, August 01st, 2022
Virax Biolabs (NASDAQ:VRAX), a specialist in diagnostic tests, veritably captured the market news cycle today, with its shares skyrocketing 120% before giving up some ground in the afternoon session. Still, VRAX stock is about double from its prior closing price. The stock is a beneficiary of the current monkeypox threat, a virus that multiple agencies have declared a health emergency. Virax recently announced that it will launch a polymerase chain reaction (PCR) kit for monkeypox.
On July 30, NPR reported that New York City officials declared a public health emergency due to the spread of the monkeypox virus. Adding to concerns, they labeled the city “the epicenter” of the outbreak. On July 28, San Francisco declared a state of emergency over the growing number of monkeypox infections. These two announcements followed the World Health Organization (WHO) declaring the virus a global health emergency on July 23.
Electrice vehicle (EV) penny stock Mullen Automotive (NASDAQ:MULN) is revving up today, as shares are up about 9% on the day. Currently changing hands near 90 cents, bulls would love to see MULN stock clear the $1 mark.
What’s helping drive the stock higher is that the Southern California-based company just opened a new development center. The 16,000 square foot facility is located in Irvine, California. Mullen Automotive plans to have this center include engineering design and development, styling, program management, marketing and finance teams.
Clinical-stage biotechnology firm Tonix Pharmaceuticals (NASDAQ:TNXP) – which focuses on novel therapeutics and diagnostics – is making waves today, announcing the issuance of a patent. Specifically, the U.S. Patent and Trademark Office (or USPTO) granted a patent on TNX-1900 for the indication of treating pain, including that stemming from migraine headaches. TNXP stock shot up around 12% in late-morning trading.
