Stock Alert: KindredBio Stock Up 16% On COVID-19 Vaccine Development News

(RTTNews) - Shares of Kindred Biosciences Inc. (KIN) are rising over 16% in pre-market today, after the company the biopharmaceutical company announced an agreement with Vaxart Inc. (VXRT) for the manufacture of Vaxart's oral vaccine candidate for COVID-19.

KIN has been trading in the range of $3.10 - $11.93 for the past one year, and closed Tuesday's trade at $4.55, down 46 cents or 9.18%. The stock is currently trading at $5.29, up 74 cents or 16.26% in the pre-market session.

Under the terms of the agreement, KindredBio would provide manufacturing services from its state-of-the-art biological development and cGMP manufacturing facility in Burlingame, CA. There, KindredBio would produce the candidate vaccine bulk drug substance under Good Manufacturing Practices, and provide it to Vaxart to be formulated into a vaccine tablet to be taken by mouth instead of by needle injection. KindredBio noted that it would manufacture the vaccine for clinical trials beginning in the second half of 2020.