GenVec Inc (GNVC) Shares Up Big Following Notice of Allowance for Patent Application

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GenVec Inc (NASDAQ:GNVC) shares are up big in early trading today due to a combination of news earlier this week and technical data. The company reported on Wednesday that they had received a notice of allowance for their patent application entitled ‘Affenadenovirus (Gorilla) or Adenoviral Vectors and Methods of Use’. This will allow the company to better cover their proprietary adenovectors isolated from mountain gorillas.

‘This patent is an important addition to the extensive portfolio covering GenVec’s AdenoVerse technology platform,’ said Douglas J. Swirsky, the company’s president and CEO. ‘We already have multiple collaborators working with our gorilla vectors and are actively pursuing additional partnerships on a variety of fronts to put our powerful delivery tools to work in gene-based medicines and vaccines.’The stock is up 12.24% or $0.29 following the news, hitting $2.66 per share. About 2,600 shares traded hands. GNVC has declined 2.07% since May 1, 2015 and is downtrending. It has underperformed the S&P500 by 1.87%.

The institutional sentiment decreased to 0.38 in Q2 2015. It’s down 0.92, from 1.3 in 2015Q1. The ratio dived, as 4 funds sold all their GenVec Inc shares they owned while 9 reduced their positions. 2 funds bought stakes while 3 increased their total positions. Institutions now own 5.54 million shares which is 8.18% less than the previous share count of 6.03 million in 2015Q1.

Ecor1 Capital Llc holds 1.35% of its total portfolio in GenVec Inc, equating to 1.99 million shares. Cormorant Asset Management Llc owns 1.18 million shares representing 0.32% of their total US portfolio. Moreover, Dafna Capital Management Llc has 0.17% of their total portfolio invested in the company, equating to 100,000 shares. The New York-based Perceptive Advisors Llc has a total of 0.08% of their portfolio invested in the stock. Sphera Funds Management Ltd., a Israel-based fund reported 360,325 shares owned.

GenVec, Inc. is a clinical-stage biopharmaceutical company, engaged in the development of therapeutics and vaccines. The company has a market cap of $45.92 million. The Firm designs, tests and makes adenoviral product candidates. It currently has negative earnings. The Company’s development programs address therapeutic areas, such as hearing loss and balance disorders, as well as vaccines against infectious diseases, including respiratory syncytial virus (RSV), herpes simplex virus (HSV), Enterovirus D68 (EV-D68) and malaria.

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