Nanoviricides (OTC: NNVC) reported today that its oral anti-influenza drug, FluCide, showed superior results to oral Tamiflu. Produced by Roche, Tamiflu has become the standard treatment for influenza. According to Nanoviricides, its drug beat Tamiflu in every parameter tested. The tests, however, were conducted on mice.
The market for a successful influenza drug can be quite rewarding. According to the Center for Disease Control (CDC), 300 million to a billion people contract the flu during seasonal outbreaks. In the United States, around 40 million people are infected during a typical year, with 36,000 dying from complications associated with the virus. The drug might work well on mice, but traders will eventually want to see positive results on humans.
Traders greeted the news at first with a bit of excitement. The stock opened several cents higher than where it closed on Friday. After the initial trade at $0.71, which also marked the high for the day, buyers appeared to run out of breath. The stock wobbled near unchanged for the remainder of the morning until after lunch on the east coast when shares dipped to the their daily low of $0.63. Buyers attempted a few feeble rallies in the afternoon, but the stock finished the day with a loss of 5% to close down four cents at $0.64. Traders exchanged shares at a feverish rate with volume totaling 550,000 on the session. On an average day, 354,000 shares will exchange hands.
The high trade for the stock over the last 52 weeks came almost a year ago when traders exchanged shares for $1.15. The low for the stock happened last month when share prices fell to $0.44. Bolstered by news regarding the effectiveness of FluCide on animals, the stock rallied nearly 80% over the last month from its annual low to a peak of $0.80. Volume during this time has been steadily tracking around the daily average. Since declining from its 12-month high, the stock has shown brief signs of recovery to only take a turn to the south. Traders have to decide whether the recent up move is for real or another in a series of false starts.
The most recent promotional activity for Nanoviricides occurred in May. A total of 15 promotions can be viewed on Stockpromoters.com. Newsletters touting the stock have also said little since May. A complete list of newsletter promotions can be read on Stockreads.com. Twitter has been completely silent on the stock.
Nanoviricides is a biopharmaceutical company headquartered in West Haven, Connecticut. The company focuses on discovering, developing and commercializing treatment for patients suffering from life threatening viral infections. Nanoviricides currently has three drugs in various stages of development. Besides FluCide, the company also has eye drops for adenoviral epidemic keratoconjunctivitis, and another drug for the treatment of AIDS. The company was founded in 2000.