U.S. Markets closed
  • S&P 500

    4,471.37
    +33.11 (+0.75%)
     
  • Dow 30

    35,294.76
    +382.20 (+1.09%)
     
  • Nasdaq

    14,897.34
    +73.91 (+0.50%)
     
  • Russell 2000

    2,265.65
    -8.52 (-0.37%)
     
  • Gold

    1,768.10
    -29.80 (-1.66%)
     
  • EUR/USD

    1.1606
    +0.0005 (+0.0464%)
     
  • 10-Yr Bond

    1.5760
    +0.0570 (+3.75%)
     
  • Vix

    16.30
    -0.56 (-3.32%)
     
  • GBP/USD

    1.3751
    +0.0074 (+0.5418%)
     
  • USD/JPY

    114.2000
    +0.5230 (+0.4601%)
     
  • BTC-USD

    59,707.19
    -1,139.06 (-1.87%)
     
  • CMC Crypto 200

    1,464.06
    +57.32 (+4.07%)
     
  • FTSE 100

    7,234.03
    +26.32 (+0.37%)
     
  • Nikkei 225

    29,068.63
    +517.70 (+1.81%)
     

CureVac Delivers Unsatisfactory Vaccine Efficacy Results; Shares Fall 45%

  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Shares of the German biopharmaceutical company, CureVac (CVAC) plunged about 45% in early trading after the company released disappointing data from its second interim trials of the COVID-19 vaccine.

Preliminary data on CureVac’s mRNA vaccine showed an efficacy rate of just 47%. The HERALD study was conducted on about 40,000 volunteers in ten countries across Latin America and Europe.

In the trials, the company performed interim analysis on 134 COVID-19 cases, only one of which was sequenced to the original version of the virus, while others were a result of so-called variants of concern. (See CureVac stock analysis on TipRanks)

“While we were hoping for a stronger interim outcome, we recognize that demonstrating high efficacy in this unprecedented broad diversity of variants is challenging. As we are continuing toward the final analysis with a minimum of 80 additional cases, the overall vaccine efficacy may change,” said Dr. Franz-Werner Haas, CEO of CureVac.

Following the announcement, Berenberg Bank analyst Zhiqiang Shu reiterated a Buy rating and price target of $123 on the stock. This implies 152% upside potential to current price levels.

Shu noted, “We believe clear inferior efficacy of CVnCoV as compared to mRNA vaccines from Pfizer/BioNTech and Moderna may put potential real-world adoption at risk, even if it is approved near term. For the long term, we see more pressure placed on CureVac’s second-generation COVID-19 vaccine, which is still on track to enter the clinic in Q3. This version is designed to have a better efficacy profile at lower doses.”

Overall, the stock has a Moderate Buy consensus rating based on 2 Buys and 2 Hold. The CVAC average analyst price target is $86.50, indicating 74% upside potential. Shares of CVAC are down approximately 39% year-to-date.

Related News:
Goodyear Launches Intelligent Tire Solution For Fleets, Expects Further Rollout by 2027
Lennar Delivers Strong Q2 Results; Revenues Rise 22%
Roblox Sees 28% Surge in Daily Active Users for May

More recent articles from Smarter Analyst: