Canadian Biotech Stock Surges on COVID-19 Vaccine Update

Vaxil Bio Ltd. (TSXV:VXL), a Canadian biotech stock, climbed after signing a collaboration agreement to develop a potential peptide vaccine against COVID-19

Sean Mason | May 5, 2020 | SmallCapPower

A collaboration agreement for a potential COVID-19 vaccine powered a Canadian biotech stock Tuesday. Here’s some small stocks making big moves on Tuesday, May 5, 2020 (as of 4 pm EST):

Vaxil Bio Ltd. (TSXV:VXL), a Canadian biotech stock, jumped as much as 22% before ending up 4% at $0.14 on Tuesday after announcing that it has signed a collaboration agreement with The Medical Research, Infrastructure, and Health Services Fund of the Tel Aviv Medical Center to advance Vaxil’s research program to develop a potential peptide vaccine against COVID-19.

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As well, shares of MEG Energy Corp. (TSX:MEG) gained 16% to $3.38 as the in situ thermal oil producer said it generated first-quarter free cash flow of $24 million and added that it currently expects first half 2020 production to average approximately 76,000 bbls/d.

Eguana Technologies (TSXV:EGT), meanwhile, reported $2.4 million in new orders, predominantly for Hawaii and California, which are expected to ship over the next two to three months. Eguana Technologies stock moved up 17% to $0.07 following the announcement.

Finally, Gold X Mining Corp. (TSXV:GLDX) shares climbed 18% to $2.48 after the gold junior announced that it has begun permitting work on its Toroparu Project in Guyana and is fully funded to fast track a Feasibility Study in order to make a production decision.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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