IDT Australia (ASX:IDT) share price rockets 40% on COVID vaccine update

What did IDT Australia update the ASX with?
The post IDT Australia (ASX:IDT) share price rockets 40% on COVID vaccine update appeared first on The Motley Fool Australia. –

The IDT Australia Limited (ASX: IDT) share price is entering the stratosphere today. This comes after the pharmaceutical manufacturing company announced a significant market update in regards to Australia’s mRNA manufacturing capability.

At the time of writing, IDT Australia shares are up 40.23% to 61 cents. This means that its shares have now more than tripled since the start of the year.

IDT Australia marks milestone achievement 

Investors appear excited about the company’s latest COVID-19 update, rallying up the IDT Australia share price.

According to its release, the company advised it has successfully created Australia’s first mRNA COVID-19 vaccine candidate.

The drug product passed all the required specifications and is now going through the release process for clinical trials. In total, 450 doses of the vaccine have been manufactured, allowing 150 volunteers to take part in the upcoming study. This is expected to commence in the new year, with results expected later in 2022.

Last month, IDT Australia entered into a Master Services Agreement and Services Order with Monash Institute of Pharmaceutical Sciences (MIPS). Following completion of the successful manufacture, IDT Australia will begin testing ongoing product stability.

A collaboration between MIPS, Doherty Institute and IDT Australia has put Victoria’s medical research and manufacturing sectors in the spotlight. The state is one of the few places in the world with the capability to develop and manufacture mRNA therapeutics.

IDT Australia CEO, Dr David Sparling commented:

We’re honoured to be a part of this collaboration. We believe this product will be the first locally developed mRNA COVID-19 vaccine candidate and the first locally manufactured cGMP mRNA drug product.

About the IDT Australia share price

Over the past 12 months, IDT Australia shares have gained around 215%. Year-to-date has surged even further, with the company share price up 225%.

IDT Australia presides a market capitalisation of roughly $143.92 million and has approximately 239.86 million shares outstanding.

The post IDT Australia (ASX:IDT) share price rockets 40% on COVID vaccine update appeared first on The Motley Fool Australia.

Should you invest $1,000 in IDT Australia right now?

Before you consider IDT Australia, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and IDT Australia wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Why has the Aurizon (ASX:AZJ) share price struggled this month?

Australian Finance Group (ASX:AFG) share price lifts on acquisition news

What’s weighing on the Northern Star (ASX:NST) share price today?

Why AMP, Collins Foods, Credit Corp, and Orocobre shares are charging higher

2 ASX shares looking good in turbulent times

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!