What's Going On With Emergent Biosolutions Stock?

Emergent Biosolutions Inc EBS shares initially traded higher Tuesday before pulling back and turning negative. The company received a $75 million contract option from the Biomedical Advanced Research and Development Authority (BARDA).

What Happened: BARDA awarded Emergent Biosolutions a $75 million option to the company's existing contract for the acquisition of newly licensed anthrax vaccine CYFENDUS. Deliveries are expected to begin in 2023 and be completed by the end of the first quarter of 2024.

CYFENDUS was approved by the FDA in July 2023 as a two-dose anthrax vaccine for post-exposure prophylaxis use in those aged 18 and older. 

"CYFENDUS vaccine is a critical component of Emergent's anthrax medical countermeasures franchise, and supports the U.S. government's anthrax preparedness strategy," said Paul Williams, senior vice president and products head at Emergent Biosolutions.

"This procurement helps ensure the nation has sufficient anthrax vaccine and aligns with Emergent's longstanding commitment to strengthen public health preparedness."

See Also: Why Is RNA Therapeutics-Focused Avidity Biosciences Stock Trading Higher Today?

EBS Price Action: Emergent Biosolutions shares initially traded above $2.30 per share before pulling back. The stock was down 4.36% at $1.98 at the time of publication, according to Benzinga Pro.

Photo: 3844328 from Pixabay.