Coronavirus opened a new opportunity for biotech companies to show off their true strength, thus, competition in the race for creating efficient and effective vaccines becomes extremely tense. A tiny corporation iBio Inc, a couple of hours ago, announced its second program to develop the COVID-19 vaccine.
From April 27 NYSE: IBIO has been rising as the company kept the procedure in creating its first vaccine. On Wednesday, the stock fell 4.88% to $1.56. The daily trading volume could not exceed the average volume of 16,315,996 shares.
For Q1 2020 fiscal report revenue decreased while operating expenses grew almost $0.9 million by keeping the operating income negative. Despite those negative numbers iBio still manages to provide vaccines and therapeutics for curing serious diseases without side effects. Therefore, it has an overvalued market capitalization of $184.642 million.