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Author: Alan LittleDate: 2020-11-30

AstraZeneca (AZN) up 0.28% on new global vaccine trial

AstraZeneca (AZN) rallied late on to close higher on Friday during a shorter session post-Thanksgiving that saw both the S&P 500 and Nasdaq soar to record highs.

British pharmaceutical company AstraZeneca was in the spotlight last week amid confusion about how effective its coronavirus vaccine candidate actually is after initial tests showed that its results were behind Pfizer (PFE) and Moderna (MRNA).

CEO Pascal Soriot revealed on Friday that AstraZeneca is now planning to complete a global trial to confirm whether a lower dosage could provide a 90% efficacy rate.

Earlier in the week, it was announced by AstraZeneca and Oxford University that overall efficacy was at 70%.

“Now that we’ve found what looks like a better efficacy [in the half dose/full dose regime], we have to validate this, so we need to do an additional study,” Soriot said on Friday.

AZN stock was trading in negative territory for the majority of the session on the London Stock Exchange, but a late rally saw it close 0.28% higher at 7,700 GBX.

It was a different story for Moderna, the US biotech company, which soared 16.35% to $127.03 on the Nasdaq.

Pfizer, whose vaccine is set to be approved by the UK “within days”, according to the Financial Times, finished up 1.92% on the NYSE.

US stock markets closed at 1pm on Friday, but there was still time for the Nasdaq to rise 0.92% to 12,205, which was the index’s 45th record close of 2020.

The Nasdaq also continued its recent gains to finish higher for a fourth straight session, while the S&P 500 advanced 0.24% to 3,638.

The Dow Jones Industrial Average did waver mid-morning, but also eventually climbed 0.13% to 29,910.




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