Why is the IDT (ASX:IDT) share price halted today?

Trading in the pharmaceutical manufacturer is on hold pending an announcement.

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The IDT Australia Limited (ASX: IDT) share price is on ice today after the company requested a trading halt.

Before it was put on hold, the IDT share price was trading at 48 cents apiece.

IDT is a Melbourne-based pharmaceutical company involved in manufacturing mRNA for use in COVID-19 vaccines.

Why is the IDT share price halted?

IDT has been granted a trading halt pending an upcoming public announcement on mRNA vaccine production.

The company needs to consider its response to an announcement by the federal government on local mRNA manufacturing.

The company said it's not in a position to announce this to the market at present.

Early on Tuesday, the government revealed it has struck a deal with Moderna to build a new vaccine manufacturing facility in Victoria. At the time of writing, it's not clear if IDT will play any role in this deal.

IDT does not expect the trading halt to last more than two days and will make an announcement prior to this time.

What is the company working on?

As reported by Motley Fool Australia, IDT has reported it's successfully manufactured an mRNA drug product for use in a COVID-19 vaccine candidate.

On Monday, the company provided an update to investors on its mRNA manufacturing initiatives.

The company sees an unmet market need for commercial-scale manufacturing of mRNA.

IDT stated it wants to grow its mRNA facilities to become Australia's mRNA "manufacturing hub of excellence".

IDT share price snapshot

In the last 12 months, the IDT share price has sky rocketed 134% and has rallied 159% in the year to date.

Despite this, it's slipped 2% in the last month and 3% in the past week.

IDT has a market capitalisation of roughly $115 million based on the current share price.

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.

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