Virax Biolabs Group [VRAX] - Last Close: $2.47
A new product launch is boosting shares of Virax Bio.
This morning, the biotech company announced the launch and distribution of its Monkeypox Antigen Rapid Test Kit in the European Union and other markets.
The test kits are available through the company, and they are designed for use in point-of-care settings such as clinics. They produce results in about 15 minutes.
Virax says it's also developing a proprietary T-Cell Test technology to assess an individual's immune risk profile against major global viral threats.
VRAX is one of this morning's most active stocks, and it's showing a 17.0% gain.
My Take: VRAX has some promising things going on, but I wouldn't go all-in based on this one report. The chart looks pretty ugly, and this stock just debuted last month. If you get in, it might be some time before you see gains.
Renovacor [RCOR] - Last Close: $1.90
Renovacor is soaring on buyout news.
The micro-cap biotech stock is breaking out after Rocket Pharmaceuticals agreed to acquire the company in an all-stock deal worth roughly $53 million.
Under the terms of the deal, RCOR shareholders would receive about $2.60 worth of RCKT stock in exchange for their shares.
Rocket said the deal strengthens its position in adeno-associated virus-based gene therapy for cardiac disease and expands its short-term clinical assets for heart condition treatments.
Renovacor stockholders are expected to own a 4.6% stake in Rocket after closing, which is expected to occur in Q1 2023 pending shareholder approval and customary closing conditions.
RCOR is one of today's top stocks with a 21.1% gain.
My Take: There's not much room between RCOR's current price and the proposed acquisition price, so I would steer clear of this one, especially considering its a stock-swap deal. Unless you want to end up with shares of RCKT, I would stay away.
