Shares of Moderna (MRNA) - Get Report and Regeneron (REGN) - Get Report rose alongside other Covid-19-focused vaccine developers on Wednesday after both biopharmaceutical companies revealed positive news about their respective vaccine trials.
Moderna rose 2.7% and Regeneron gained 2% in premarket trading after the two companies announced positive test-trial results for their respective coronavirus vaccine candidates.
Cambridge, Mass.-based Moderna said early-stage data indicated its Covid-19 vaccine can generate neutralizing antibodies in older and elderly adults at levels comparable to those in younger adults. The study was published in The New England Journal of Medicine.
Tarrytown, N.Y.-based Regeneron, meanwhile, said its own early study results indicated its antibody cocktail may help treat coronavirus patients outside of the hospital by reducing virus levels and symptoms.
In an early-stage clinical trial of 275 Covid-19 patients, those who received Regeneron’s experimental therapy had lower virus levels in the bloodstream seven days later compared with patients who received a placebo, the company said in a statement released late Tuesday.
Both announcements come as drug and pharmaceutical companies race to find a viable antidote to Covid-19, which has killed more than 1 million globally this year, one-fifth of those in the United States alone.
CureVac (CVAC), which late on Tuesday announced the start of its own Phase 2 clinical trial of its Covid-19 vaccine candidate, was up 10% in premarket trading, while shares of Pfizer (PFE) - Get Report and BioNTech (BNTX) - Get Report, which also have a vaccine trial underway, were up 0.2% and 0.9%, respectively.
AstraZeneca (AZN) - Get Report, which has partnered with the University of Oxford to develop its own Covid-19 vaccine and treatment, traded lower on Wednesday, with its American depositary receipts down 0.4% at $54.89.