NEW YORK (TheStreet) -- Shares of pharmaceutical company iBio (IBIO) - Get Report plummeted 32.65% to $1.65 in morning trading Tuesday after the World Health Organization said the number of new Ebola cases in the hardest-hit areas is declining.
The WHO reported 8,914 suspected or confirmed Ebola cases and 4,447 resultant deaths. This trend is "relatively flat" at approximately 1,000 new cases per week for the last three to four weeks, according to Bruce Aylward, the WHO assistant director-general who oversees the organization's operations in West Africa.
However, the WHO also noted the virus continues to spread throughout a wider geographical region, such as the Ivory Coast border, and continues to spread throughout some capital cities in Africa.
iBio soared to a 52-week high Monday after a nurse in Texas was diagnosed with Ebola, which deepened concerns about an outbreak in the U.S.
The stock rose Friday and continued to soar Monday on speculation that the company could be a manufacturing partner in the U.S. government's efforts to contain the disease by increasing production on Mapp Biopharmaceuticals' Ebola drug ZMapp.
UT San Diego reported last week that Mapp's partner, which some speculated could be iBio, would scale up production through genetically modified mammalian cells via a process that uses cells taken from Chinese hamster ovaries cultivated in sterile tanks. Bloomberg subsequently confirmed this news.
But iBio's website states its iBioLaunch platform is plant-based. The proprietary technology uses transient gene expression in unmodified green plants, rather than mammalian cells, bacteria, chicken eggs, human blood plasma or other materials, to make biological pharmaceutical products.
More than 7.1 million shares had changed hands as of 10:09 a.m., compared to the average volume of 266,576.