Why Ocean Biomedical Stock Is Riding A Wave Higher Thursday

Ocean Biomedical Inc OCEA shares are rising Thursday after the company announced its co-founder received a Notice of Allowance from the USPTO for his U.S. patent relating to malaria therapeutics.

What To Know: Scientific co-founder and member of Ocean Biomedical's board Jonathan Kurtis received a notice from the USPTO for a therapeutic and prophylactic monoclonal antibody that kills falciparum malaria parasites.

The notice is generally issued after the USPTO reviews a patent application and determines that a patent should be granted. Ocean Biomedical expects that the patent will be issued in the coming months. 

"Our monoclonal comes at a critical time because malaria parasites are developing resistance to current frontline therapeutics, and because the currently approved vaccine offers only very limited protection," Kurtis said.

EF Hutton initiated coverage of Ocean Biomedical with a Buy rating last month and set a $10 price target. The firm appears to have reiterated its bullish outlook on Thursday, according to Benzinga Pro.

Ocean Biomedical is a biopharma company working to accelerate the development and commercialization of scientifically compelling assets from research universities and medical centers. 

See Also: Why Sarepta Therapeutics Stock Is Tumbling Today

OCEA Price Action: Ocean Biomedical shares were up 51.2% at $6.82 at the time of publication, according to Benzinga Pro.

This illustration was generated using artificial intelligence via MidJourney.