Shares of NRx Pharmaceuticals (NASDAQ: NRXP) were trading 70.1% higher as of 11:58 a.m. EDT on Thursday after the company announced that it had validated a formulation for COVID-19 drug candidate Zyesami that provides at least one year of stability. NRx also said that it has “achieved a 30-to-50 fold increase” in the manufactured lot size of the drug.
Investors were obviously excited by NRx’s news — but why was the biotech company’s update so well received?