Biotech companies that are chasing treatments and vaccines for Covid-19 tumbled Monday after positive news aboutPfizer Inc.’s inoculation.
Smaller vaccine developers such asNantKwest Inc. andInovio Pharmaceuticals Inc. fell after study results from Covid-19 shots from Pfizer and its German partner BioNTech SE showed that they could prevent more than 90% of infections. Many of these smaller drug developers have yet to develop a successful treatment of any kind and have seen triple or even quadruple digit share gains so far this year.
NantKwest slumped as much as 16%. Inovio sank as much as 15% — the company’s Phase 2-3 vaccine study was put on apartial hold in September.Humanigen Inc., which is developing a treatment for a potentially lethal side-effect of the virus, and Sorrento Therapeutics Inc., which has been touting results for its antiviral treatment in hamsters, also fell 15% each.
Vaxart Inc., which is testing an oral vaccine, tumbled as much as 20%.
125,414 in FranceMost new cases today
+3% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-0.8124 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
4.7% Global GDP Tracker (annualized), Sept.