S&P Futures Surge, Nasdaq Plunges On “Game-Changer” Moderna Covid Vaccine
Mon, 11/16/2020 – 07:31
Last night, when discussing the euphoric surge in Sunday markets, we said that the move is on expectations that the “Moderna covid vaccine may hit as early as tomorrow, and a favorable outcome would have a similar result to last Monday’s Pfizer surprise which sent the S&P as high as 3,668 before fading much of the losses.”
Well, we were right because just before 7am, Moderna picked up where Pfizer left off exactly one week ago last Monday, when the biotech company announced that Moderna’s Covid-19 vaccine was 94.5% effective in a preliminary analysis of a large late-stage clinical trial, or in other words even more effective than Pfizer’s vaccine which had shown 90% efficacy.
Analysis from more than 30,000 volunteers showed the vaccine prevented virtually all symptomatic cases of Covid-19, while only five participants who received two doses of the vaccine became sick, compared with 90 coronavirus cases in participants who received a placebo. The vaccine also appeared to be effective in preventing the most serious infections. “That for me is a game-changer,” Moderna CEO Stephane Bancel said, noting perhaps most importantly that the Moderna vaccine was stable at refrigerator temperatures for 30 days, much longer than a previously estimated seven days, and thus making it much easier to transport than the Pfizer vaccine.
The news sparked a buying frenzy not only in Moderna shares, which jumped over 10% to $100/share…
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