The stock price of Newark-based IBio continues to slide as news of Ebola evaporated from the 24/7 news cycle.
Stock in the company fell to 63 cents on Tuesday, after rising as high as $3.21 a share in mid-October after cases of Ebola were found in Texas and fears of an epidemic in the U.S. became an issue during the mid-term elections..
IBio has been viewed as a possible source of plant-based vaccine that could fight the disease that raced through a few nations in Africa and took the life of a man in Texas who had returned from that area.
IBio later confirmed that it stood ready to aid in the effort to make a vaccine. A Texas company has an agreement with IBio on producing plant-based vaccine, leading to further speculation.
IBio, working with Newark-based Fraunhofer Center for Molecular Biotechnology, offers a process that uses robotics and other technology to extract proteins from plants for use in vaccines that uses robotics and other technology.
The downdraft in the stock price led to law firms filing class action suits.
It wasn’t the first time that IBio stock had seen the roller coaster pattern. In early 2011, the price soared to $5, only to fall sharply. The current price is in line with the company’s value in much 2013 and 2014.
The company has faced delisting from the over the counter market, but has received an investment that could help it meet a minimum price threshold.
