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…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company

Image source: Getty Images

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.

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.

More on Share Gainers

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Kingsgate, Neuren, Newcrest, and Pushpay shares are rising today

These ASX shares are avoiding the market selloff on Tuesday.

Read more »

A young woman wearing overalls and a yellow t-shirt kicks one leg in the air showing excitement over the latest ASX 200 shares to hit 52-week highs
Share Gainers

Why Neuren, Northern Star, Race Oncology, and Westgold shares are storming higher

These ASX shares are starting the week in a positive fashion.

Read more »

A woman wearing yellow smiles and drinks coffee while on laptop.
Share Gainers

Why APM, Macquarie Telecom, Northern Star, and Origin shares are rising today

These ASX shares are having a strong session despite the market selloff.

Read more »

Two boys with cardboard rockets strapped to their backs, indicating two ASX companies with rocketing share prices
Share Gainers

Catch these fast-rising 2 ASX shares before it's too late: Celeste

This pair of stocks rocketed up in February during reporting season, but are still great value for those willing to…

Read more »

three businessmen high five each other outside an office building with graphic images of graphs and metrics superimposed on the shot.
Share Gainers

Why Arafura, Myer, Volpara, and Xero shares are zooming higher

These ASX shares are making their shareholders smile on Thursday.

Read more »

medical asx share price represented by doctor giving thumbs up
Healthcare Shares

Guess which ASX biotech stock just rocketed 29% on big FDA news

The ASX healthcare share is attracting investor interest following FDA approval for its targeted cancer therapy compound.

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why Mesoblast, PolyNovo, Pushpay, and Weebit Nano shares are charging higher

These ASX shares are having a strong session despite the market selloff.

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why InvoCare, Pentanet, Sayona Mining, and Weebit Nano shares are storming higher

These ASX shares are having a strong session on Tuesday.

Read more »