AstraZeneca slides after announcing its COVID-19 vaccine candidate is 70% effective

COVID-19 Vaccine test 8 — AP Photo/Ted S. Warren

Shares in AstraZeneca slid 2% on Monday after the company released results that showed its COVID-19 vaccine is just 70% effective, compared with rates of above 90% for those of its two biggest rivals.
The Oxford/AstraZeneca vaccine is cheaper to produce and easier to transport than those of US peers Pfizer and Moderna, but is clearly less effective than the other two.
AstraZeneca said its vaccine can be stored in normal refrigerated conditions.
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AstraZeneca shares fell 2% on Monday after announcing its Oxford University-developed coronavirus vaccine shot is 70% effective, compared with success rates of above 90% of those of US rivals Pfizer and Moderna.

The pharma firm's stock was the worst-performing healthcare stock in Europe in early trading.

AstraZeneca said its clinical trials in the UK and Brazil showed the vaccine stopped people from developing symptoms in 70% of cases on average. A total of 131 COVID-19 cases among 24,000 participants were included in the interim analysis.

Oxford University described the news as a "breakthrough."

AstraZeneca said it is making rapid progress in manufacturing and expects to produce up to 3 billion doses in 2021 on a rolling basis, pending regulatory approval. The company said its vaccine can be stored, transported, and handled in normal refrigerated conditions — something that has been a weak point for Pfizer.

Pfizer and Moderna have announced promising vaccine trial results, and both are said to be 95% effective. Moderna's shots can be refrigerated for a month, while Pfizer's can only last five days in the same conditions.

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