Tekmira Back In Vogue After Recent Ebola Outbreak
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Tekmira Pharmaceuticals Corp (NASDAQ: TKMR) shares were trading sharply higher by $1.62 (9 percent) at $20.06 in Tuesday's session. The catalyst for the rally has been the outbreak of 21 new Ebola cases reported in a single day in western Guinea, including three doctors.
On Monday, an American healthcare worker that may have been exposed to Ebola was transported to Nebraska Medicine's Biocontainment Unit for observation.
Tekmira, a leading developer of RNA interference (RNAi) therapeutics, has been one of a few companies working for a cure for the deadly virus.
During the height of the Ebola scare this past October, the issue catapulted from its September 29 close ($20.68) to $29.53 in the next four trading sessions. When a massive outbreak failed to materialize, it cratered before finding a bottom on December 9 at $12.54.
From that level, it staged a rally to $26.73 on January 28 on the heels of a merger agreement with OnCore Biopharma. Once again, the sharp rally faded and the issue retreated to the $17.19 level before mounting another rally.
In today's session, after a flat open, the issue began to rally off the new Ebola cases being reported. So far, the rally has found resistance at $20.77 and it is attempting to maintain the $20.00 level. The current high coincides with its March 5 high ($20.72).
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