Stocks Of Tech Firms Dropped After Vaccine News

The announcement by Pfizer Inc (PFE) (+7.6%) and BioNTech SE (BNTX) (+13.9%) about the progress of their Phase 3 trial has somewhat overshadowed the current pandemic numbers, which continue to escalate in the United States, with more than 120,000 new coronavirus infections every day since last Friday, compared to less than 50,000 cases every day in September.

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As a consequence, according to interim results from their Phase 3 trial, both laboratories registered more than 90 percent efficacy of the vaccine. The Food and Drug Administration’s (FDA) minimum efficiency rate is 50 percent. Pfizer and BioNTech have already sent an emergency approval application to the FDA for the vaccine, which they expect to receive in the third week of November. Before the end of the year, the vaccine will likely to be available. The two laboratories said they intended to supply up to 50 million vaccine doses worldwide in 2020 and up to 1.3 billion in 2021, respectively.

“Today is a fantastic day for science and humanity. In the joint statement, the initial findings of our Phase 3 clinical trials presented initial proof of the effectiveness of our vaccine in preventing Covid-19,” said Albert Bourla, CEO of Pfizer. The experiments started on July 27 and were carried out on 43,538 non-Covid-19 volunteers, of whom 38,955 received a second dose of the candidate vaccine on November 8. The safety of this vaccine is obtained 28 days after the start of vaccination, which consists of a 2-dose regimen, according to initial analyses. “No serious safety concerns have been reported,” Pfizer said, adding that “additional safety and efficacy information continues to be gathered.”

In comparison to different other sectors which remained suffering during the COVID pandemic, many of the winners of pandemic lockdowns have lost in Monday’s trading. Zoom Video Communications Inc (ZM) (-17.3%), Peloton Interactive Inc (PTON) (-20 percent), Internet heavyweights Inc (AMZN) (-5 percent), Facebook Inc (FB) (-5 percent), Apple Inc (AAPL) (-2 percent) and Microsoft Corporation (MSFT) (-2.3 percent) were among those.

In addition to vaccine expectations, the result of the U.S. election appears to be embraced by financial markets, even though Joe Biden was not the favorite candidate for Wall Street, given a package aimed at tax rises and higher capital gains and income taxes. The risks of stronger laws and increased antitrust steps, especially against GAFA, are also higher.

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