Enochian Biosciences Inc (NASDAQ: ENOB) was up 1.21% on Monday, and its shares were valued at $5.87. Last week when the company had announced that the U.S. FDA had given its nod for HIV’s “potential functional cure” drug, the investors rejoiced and pushed the stock. On June 14, the shares were as high as 100%. Yesterday, Enochian Biosciences announced that it had acquired an exclusive license to treat and prevent coronavirus variants, including the infamous COVID-19. The company also mentioned that it would be submitting a Pre-Investigator New Drug request to the Food and Drug Administration soon.
This new approach is Dr. Serhat Gumrukçu’s development. The treatment tricks the variants of viruses in triggering those cells which it infects to die on their own instead of mutating. The source behind this technology is a nanoparticle, which enables rapid treatment of infection or waiting not to become a cell that causes further infections.
Any target cell in the virus has a life of about 20 months in the airways. Therefore, the treatment phased out by the company has the potential of protection and treatment through single inhalation. This prevents infections for more extended time periods. The tricked viruses that the company is talking about are similar to those of SARS-CoV-2 variants, among other coronaviruses in humans.
The company is hoping evaluation of this treatment and pitching it as a potent antiviral treatment. The biopharmaceutical company is known for developing, manufacturing, and commercializing cell therapy based on gene modification. Its cell therapy has the potential for various indications like oncology, HIV/AIDS, and more.
Should you be investing in ENOB?
If you have $1000, should you invest in this stock? The stock has remained in the green zone from the previous week. It has been in the news for positive reasons. There seem to be good times ahead, but it is not on the list of the top 10 best pharma stocks at the moment.