NanoViricides shares soar 41% after announcing plans to develop a monkeypox treatment

Shares of NanoViricides Inc.
NNVC,
+41.17%
jumped 41.8% in premarket trading on Thursday after the company said it began developing a monkeypox treatment. There are currently no approved or authorized therapies for monkeypox, though the Food and Drug Administration said last month that it’s allowing prescriptions of the antiviral Tpoxx through a compassionate-use pathway. Tpoxx is made by Siga Technologies Inc.
SIGA,
-2.36%.
NanoViricides’ stock has slid 33.8% so far this year, while the broader S&P 500
SPX,
-0.02%
is down 12.8%.