hVIVO PLC (LON:HVO) saw its shares jump nearly 28% higher on Tuesday after the biopharma group revealed that its year-end cash was “markedly ahead of expectations” and that its full-year results are expected to be in line with market expectations.
The revelation came in a statement in which the AIM-listed firm said that it knows of no reason for “the sudden and extreme fall in its share price in recent days”.
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The company said it will announce its audited preliminary results for the year ended 31 December 2017 on 19 April 2018, which are expected to be in-line with market expectations, with cash as at 31 December 2017 of £20.3mln, down from £25.7mln in 2016, but markedly ahead of expectations.
On March 26, hVIVO announced initial results of a Phase IIb study examining FLU-v as a potential universal vaccine against influenza.
The group said then that, although only indicating a trend to statistical significance of the primary endpoint, the results did demonstrate a statistically significant reduction in overt flu symptoms and gives the board cause for optimism that its investment in FLU-v - through its joint venture Imutex Limited - has potentially significant future value.
In early trading, hVIVO shares were 27.7% higher at 30p, the London market’s biggest gainer.