Why the IDT Australia (ASX:IDT) share price is storming 19% higher today

This company could be about to help Australia fight back against COVID-19…

| More on:
A young man pointing up looking amazed, indicating a surging share price movement for an ASX company

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The IDT Australia Limited (ASX: IDT) share price has been a very strong performer on Tuesday.

In late afternoon trade, the Australian pharmaceutical manufacturing company's shares are up over 19% to 40 cents.

This means the IDT Australia share price has now more than doubled since the start of the year.

Why is the IDT Australia share price storming higher today?

Investors were bidding the IDT Australia share price higher on Tuesday following the release of an announcement in the afternoon.

According to the release, the company is progressing discussions with the Victorian Government and mRNA Victoria, along with Monash Institute of Pharmaceutical Sciences. This is in relation to IDT potentially providing cGMP manufacturing services to progress the development of Australia's first local mRNA COVID-19 vaccine candidate.

This follows the positive preclinical evaluation of Monash Institute of Pharmaceutical Sciences' mRNA vaccine.

Professor Colin Pouton from Monash Institute of Pharmaceutical Sciences commented: "Preclinical evaluation of our mRNA vaccine has progressed well and we are now keen to partner with an experienced pharmaceutical manufacturer to produce a product for clinical evaluation. We look forward to working with IDT to establish mRNA vaccine manufacturing capability in Australia."

This sentiment was echoed by IDT Australia's CEO, Dr David Sparling.

He said: "IDT is progressing discussions to put forward its cGMP manufacturing facilities and capabilities to get behind the Victorian Government's landmark commitment and initiative to develop an mRNA manufacturing capability, as we believe it will build upon the existing scientific and medical strengths in Victoria and will deliver essential capabilities for Australia."

"Manufacturing clinic-ready vaccine candidates coming out of world class research such as Professor Pouton's at Monash University allows IDT to develop the critical skills and infrastructure at a sovereign cGMP manufacturing site here in Australia. These capabilities will then be locally available for clinical and commercial applications for COVID-19 as well as a broad range of other diseases," he concluded.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why Core Lithium, Life360, Syrah, and Xero shares are jumping today

These ASX shares are ending the week on a high. But why?

Read more »

Smiling elderly couple looking at their superannuation account, symbolising retirement.
Share Gainers

These were the best performing ASX 200 shares in February

These shares were making their shareholders smile last month.

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

Why Harvey Norman, Macquarie Technology, Ramsay Health Care, and Star are rising

These ASX shares are having a strong day. But why?

Read more »

A man looking at his laptop and thinking.
Share Gainers

Should I buy Nvidia stock as an Australian investor?

Many Aussies are thinking of jumping on the bandwagon, but they need to think about these issues first.

Read more »

A woman sits in a cafe wearing a polka dotted shirt and holding a latte in one hand while reading something on a laptop that is sitting on the table in front of her
Share Gainers

Here are the top 10 ASX 200 shares today

It was a rough day for ASX 200 investors this Wednesday.

Read more »

A woman's hair is blown back and her face is in shock at this big news.
Share Gainers

Why APM, DroneShield, EOS, and NextDC shares are charging higher

These ASX shares are having a strong session on Wednesday. But why?

Read more »

A happy businessman pointing up, inidicating a rise in share price
Materials Shares

Why are ASX lithium shares like Liontown having such a bumper session today?

Lithium shares are defying the broader market on Wednesday.

Read more »

Man with rocket wings which have flames coming out of them.
Share Gainers

This ASX All Ords stock just surged 88% in less than 3 days! Any guesses?

The ASX All Ords stock is drawing intense buying interest from investors this week.

Read more »