Shares in FTSE-quoted pharmaceutical brand AstraZeneca have dropped by almost 2% on Monday, November 23, following the announcement that its coronavirus vaccine may only be 70% effective.
Additionally, a news story has surfaced stating that the vaccine may have difficulty gaining approval in the US.
The vaccine has been developed in collaboration with Oxford University, with success rates falling well below those of competitor US brands, Moderna and Pfizer.
The decline in stock value has resulted in AstraZeneca performing worse than any other European healthcare shares in early trading that day.
About AstraZeneca Shares
AstraZeneca has been working with Oxford University to develop a UK vaccine for Covid-19.
The brand’s shares have performed well throughout 2020 and have been among the highest performers on the FTSE 100 lists.
The stock began the day in an optimistic position and was soon trading at 8,431 pence, but these gains were short-lived.
The AstraZeneca Coronavirus Vaccine
In a statement to the press, AstraZeneca said clinical trials in both the UK and Brazil had shown that their vaccine prevented the development of symptoms in around 70% of cases.
The trials reported 131 cases of Covid-19 out of a total of 24,000 study participants.
The University of Oxford has hailed their vaccine news as a “breakthrough”.