Shares of Vaccinex Inc. VCNX, +98.61% soared toward a record rally on record volume Friday, after the biotechnology company announced the signing of multiple-project deals with two “prominent” pharmaceutical companies. The collaborations will focus on the use of Vaccinex’s antibody discovery and novel viral display platform, ActivMAb, for antibody discovery. The names of the drug makers and the financial terms over the deals were not disclosed. The stock soared 119.9% in midday trading, making the stock the biggest gainer on major U.S. exchanges, even after paring an earlier gain of as much as 233.1%. Trading volume skyrocketed to 215.3 million shares, compared with the full-day average over the past 30 days of about 711,000 shares. Both the gain and the volume were the most for the stock since it went public in August 2018. It has now more than tripled (up 221.9%) over the past three months, while the iShares Nasdaq Biotechnology ETF IBB, +1.17% has rallied 21.5% and the S&P 500 SPX, -0.03% has gained 9.5%.
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