Insights

Why the IDT Australia (ASX:IDT) share price is storming 19% higher today

This company could be about to help Australia fight back against COVID-19…
The post Why the IDT Australia (ASX:IDT) share price is storming 19% higher today appeared first on The Motley Fool Australia. –

The IDT Australia Limited (ASX: IDT) share price has been a very strong performer on Tuesday.

In late afternoon trade, the Australian pharmaceutical manufacturing company’s shares are up over 19% to 40 cents.

This means the IDT Australia share price has now more than doubled since the start of the year.

Why is the IDT Australia share price storming higher today?

Investors were bidding the IDT Australia share price higher on Tuesday following the release of an announcement in the afternoon.

According to the release, the company is progressing discussions with the Victorian Government and mRNA Victoria, along with Monash Institute of Pharmaceutical Sciences. This is in relation to IDT potentially providing cGMP manufacturing services to progress the development of Australia’s first local mRNA COVID-19 vaccine candidate.

This follows the positive preclinical evaluation of Monash Institute of Pharmaceutical Sciences’ mRNA vaccine.

Professor Colin Pouton from Monash Institute of Pharmaceutical Sciences commented: “Preclinical evaluation of our mRNA vaccine has progressed well and we are now keen to partner with an experienced pharmaceutical manufacturer to produce a product for clinical evaluation. We look forward to working with IDT to establish mRNA vaccine manufacturing capability in Australia.”

This sentiment was echoed by IDT Australia’s CEO, Dr David Sparling.

He said: “IDT is progressing discussions to put forward its cGMP manufacturing facilities and capabilities to get behind the Victorian Government’s landmark commitment and initiative to develop an mRNA manufacturing capability, as we believe it will build upon the existing scientific and medical strengths in Victoria and will deliver essential capabilities for Australia.”

“Manufacturing clinic-ready vaccine candidates coming out of world class research such as Professor Pouton’s at Monash University allows IDT to develop the critical skills and infrastructure at a sovereign cGMP manufacturing site here in Australia. These capabilities will then be locally available for clinical and commercial applications for COVID-19 as well as a broad range of other diseases,” he concluded.

The post Why the IDT Australia (ASX:IDT) share price is storming 19% higher today 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 May 24th 2021

More reading

These ASX 200 shares are on the move today

Which ASX 200 shares are winners from the latest retail trade figures?

What will Soul Patts’ (ASX:SOL) portfolio look like post-Milton merger?
The Pilbara Minerals (ASX:PLS) share price is flying 8% higher
2 highly rated small cap ASX shares to watch

Motley Fool contributor James Mickleboro 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!