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Author: Alan LittleDate: 2020-11-24

AstraZeneca (AZN) closes 3.81% down on vaccine news

AstraZeneca (AZN) closed 3.81% lower on the London Stock Exchange on Monday after its coronavirus vaccine was shown to be less effective than the shots developed by Pfizer (PFE) and BioNTech (BNTX).

The British pharmaceutical company said that late-stage trials conducted with Oxford University had been successful, with an average efficacy rate of 70% that increased to 90% with a second later dose.

However, that figure was short of the results revealed by Pfizer and BioNTech – the firms said earlier this month that their drug candidates had a 95% and 94.5% efficacy rate, respectively.

It is yet more good news in the long-running quest to eradicate COVID-19 though, with many health advisors predicting a closer return to normality in 2021 as full-scale vaccinations begin to roll out.

AstraZeneca stock traded lower on the news on Monday and eventually finished 317p lower at 8,000 GBX.

With earnings season drawing to a close, US stock markets were broadly higher at the start of the new week.

The Dow Jones Industrial Average rose 0.79% to 29,494, while the S&P 500 and Nasdaq made gains of 0.3% and 0.17%, respectively.

Thirteen companies are still set to report before Friday’s close, with Best Buy (BBY) and Gap (GPS) among the most notable.

Around 95% of companies on the S&P 500 have already disclosed quarterly reports, and research by Refinitiv shows that Q3 earnings are on course to decline 6.7% year over year.

Apple (AAPL) also retreated 3% on Monday after analysts at Credit Suisse and UBS said that the tech giant’s trading price already reflects demand for its newest slate of iPhone 12 handsets.

AZN Stock Chart

Sources:

  • https://bit.ly/3pTTWdv
  • https://bit.ly/2J7N5fU
  • https://bit.ly/2KBruwZ
  • https://bit.ly/2KtIFjS

 

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