Adagio's stock jumps as company says it will seek authorization for COVID-19 antibody treatment

Shares of Adagio Therapeutics Inc. soared 53.2% in premarket trading on Wednesday after the company said its experimental COVID-19 monoclonal antibody worked as a treatment and for pre-and-post-exposure prophylaxis in a Phase 2/3 clinical trial. Adagio said it plans to seek authorization from the Food and Drug Administration in the second quarter of this year. The drug, adintrevimab, was put into clinical trials before the emergence of the omicron variant, the company said; however, Adagio noted that it then conducted a pre-specified exploratory analysis among a group of participants in the pre-exposure cohort, and when compared to placebo, "a clinically meaningful reduction in cases of symptomatic COVID-19" was reported. The data was shared in a news release. Adagio's stock has declined 46.9% so far this year, while the broader S&P 500 is down 2.8%.

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