Why Virax Biolabs Stock Is Soaring Today

Virax Biolabs Group Ltd VRAX shares are soaring Monday after New York City on Saturday declared monkeypox a public health emergency, which has lifted monkeypox-related stocks.

New York City officials have declared monkeypox a public health emergency due to the spread of the virus in the area. The public health emergency designation allows officials to issue emergency orders under the city health code and implement measures to help slow down the spread of the virus. 

"New York City is currently the epicenter of the outbreak, and we estimate that approximately 150,000 New Yorkers may currently be at risk for monkeypox exposure," NYC Mayor Eric Adams and NYC Department of Health and Mental Hygiene Commissioner Dr. Ashwin Vasan said Saturday in a joint statement.

According to an update from WHO on Twitter last week, more than 18,000 monkeypox cases have been reported from 78 countries.

Last week, Virax launched the distribution of Monkeypox and Varicella-Zoster Viruses Real Time PCR Detection Kits. The specialized diagnostic kits are currently available in Europe.

"This PCR Detection Kit will assist in making earlier diagnoses which will help with patient treatment and management," said James Foster, CEO of Virax.

Virax is a biotechnology company focused on the detection and diagnosis of viral diseases, with a particular interest in the field of immunology.

From Last Week: EXCLUSIVE: SIGA Technologies CEO Says Company Is Prepared To Respond To Monkeypox Outbreak With TPOXX Stockpile Upon Approval

VRAX Price Action: Virax has a 52-week high of $29 and a 52-week low of $5.40.

The stock was up 104.2% at $10.95 at press time, according to data from Benzinga Pro.

Photo: Jernej Furman from Flickr.