NEW YORK (TheStreet) -- Shares of Intrexon(XON) - Get Report was advancing on heavy trading volume mid-Wednesday afternoon after a coalition of 61 Florida House members sent a letter to the U.S. government asking for permission to use the company's technology to fight the Zika virus.
Intrexon's Oxitec unit, which the company purchased in 2015 for $160 million, manufactures genetically engineered "friendly" mosquitos to target and suppress populations carrying deadly viruses or diseases like Zika.
In their letter, the politicians asked that the government take steps including emergency use authorization (EUA) to allow the state to use Oxitec's genetically engineered mosquitos, according to a company statement.
They said that delaying use of the technology "presents an unnecessary risk" to Floridians.
"If an EUA or another method allows for our Friendly Aedes solution to be deployed, we're prepared to work with federal, state and local health officials to help all communities that require it in order to address this public health emergency," Oxitec CEO Hadyn Parry said in a statement.
More than 3.2 million shares of intrexon have traded so far today vs. the 30-day average volume of 1.59 million shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: XON