In Light Of Omicron Variant, iBio Issues Update For IBIO-202 COVID-19 Program

iBio Inc IBIO announced an update for its lead COVID-19 vaccine program, IBIO-202, in light of the emergence of the Omicron (B.1.1.529) variant of SARS-CoV-2.

• Last week, the World Health Organization's (WHO) Technical Advisory Group on SARS-CoV-2 Virus Evolution classified Omicron as a Variant of Concern.
• "The emergence of Omicron has strengthened our belief that a next-generation vaccine development strategy such as iBio's, which targets the genetically more conserved nucleocapsid (N) protein rather than the mutable (S) protein, is needed to help overcome this pandemic," said Tom Isett, Chairman & CEO.
•  Based on the sequencing data posted on Nextstrain, Omicron's mutations do not occur in the region selected for the IBIO-202 N protein subunit vaccine candidate, as was the case with previous variants. 
• iBio filed a pre-IND application for IBIO-202 with the FDA in September. A response from the Agency is expected before the end of January 2022.
• JMP Securities initiated coverage of iBio with an Outperform rating and a $1.50 price target. 
• The Company's lead oncology therapeutic asset, IBIO-101 is "novel in its approach and design" and could drive significant future value given its position in a "relatively uncrowded" target space, says analyst Roy Buchanan.
• Buchanan adds that the recent stock price decline is an "excellent opportunity" to invest in iBio's "unique" platform capabilities.
• Price Action: IBIO shares are up 26.30% at $0.84 during the market session on the last check Monday.