In just one day, U.S. biotech company Moderna Inc. Share prices have fallen rapidly from all-time highs. The company announced a $1.3 billion share issue after Monday’s session, and industry experts questioned Moderna’s clinical data, saying it did not provide data critical to evaluating the new coronary pneumonia vaccine.
Original title: Clinical data questioned! America’s “vaccine first stock” soared the next day and plummeted…
Moderna shares hit record highs on Monday and boosted the U.S. stock market. The company had previously released early data on small-scale human trials of the new coronavaccine, which was designed to observe the safety of the vaccine, showing no major warning signs in small-scale phase-1 trials, and data from eight patients showing that the vaccine can produce immune system responses.
After A$20 to $80 on Monday, The company announced it would issue an additional 17.6 million shares at $76. On Tuesday, Moderna shares closed down 10 per cent at $71.67 and dragged down the U.S. stock market amid reports that Moderna’s candidate for the new crown vaccine did not produce enough key data to assess its success. Moderna is now down more than 6 per cent after the US session.
The U.S. National Institute of Allergy and Infectious Diseases, which works with Moderna, did not issue a press release, according to a report by Stat, a medical industry media outlet. The report also cited experts as saying they were waiting for the company to release more data before reaching a conclusion.
Moderna said in a statement Monday that the new coronavaccine developed by the company had achieved positive results in a human trial in which all 45 subjects produced antibodies, eight of which produced neutralizing antibodies. The news pushed U.S. stocks to their best rally in more than a month on Monday. However, STAT reported Tuesday afternoon that interviews with several experts concluded that it was not possible to determine the effectiveness of the vaccine because Moderna did not provide vital data.
Specifically, the reasons for STAT’s challenge include:
(1) The U.S. National Institute of Allergy and Infectious Diseases developed the vaccine in collaboration with Moderna, but the official agency did not issue a press release Monday and declined to comment on Moderna’s statement.
(2) Only 8 out of 45 subjects produced vital neutralizing antibodies, while the other 37 were unknown. Although the age range for the first stage of the subjects was between 18 and 55 years old, the exact age of the eight was not clear and, if all young, could also affect the conclusion of vaccine efficacy. Because older people are most vulnerable to new coronaviruses, they need to be protected most.
(3) The results of the trial disclosed by Moderna came from blood taken two weeks after the subject’s second vaccination. Anna Durbin, a vaccine researcher at Johns Hopkins University in the United States, said the two-week period was short and it was impossible to know whether the antibodies lasted.
(4) Moderna claims that the antibody levels produced by the vaccine it has produced are as good as those produced by the infection, but it is impossible to know the meaning of this comparison. According to A Chinese study, 10 of the 175 new coronary patients studied did not detect neutralizing antibodies, and there were very large differences in antibody levels in the body in new coronary rehabilitation patients, said John Jack Rose, a vaccine expert at Yale University.
(5) Moderna publishes the results of the study through press releases, not in scientific journals. Such disclosure methods are not sufficient to generate confidence within the scientific community.
In response to the query, Moderna said the data would be disclosed in a final journal article published by the National Institute of Allergy and Infectious Diseases.
In response to the surge in Moderna’s share price, George Farmer of BMO Capital Markets said, “We still don’t know if its vaccine will really prevent human infection with the coronavirus.” In other words, no one knows whether the vaccine is effective. The company also did not say how it plans to make money on vaccines. “
In fact, it is not the first time that the market has been repeated since the positive results of related research and development, with the same market change spree that happened a few weeks ago for Gilead Sciences.
In April, Gilead and the u.S. stock market surged after reports that the company’s drug, Redsie, had helped a small number of patients in Chicago. But a week later, after another report that the drug might not work, Gilead plunged and the S.P. 500 fell.
By medical research standards, this early, small-scale test data is often considered the exclusive domain of experts and day traders, Bloomberg notes. But with 4.9 million people worldwide infected with the new coronavirus and more than 320,000 dead, even very weak vaccine hopes are enough to affect trillions of dollars in the market.
Some investors believe that successful drug development, which promises to benefit millions or even billions of people, may not generate huge profits for shareholders. Some investors have even been bearish on some pharmaceutical companies, arguing that their progress in viral treatment is fueling over-excitement.
Joseph Edelman manages Perceptive Advisors, a $4.2 billion New York hedge medical fund. “Most of these stocks don’t match the reality, ” he said. “The fund looks at the disconnect between the share prices of pharmaceutical companies such as Gilead Sciences and their potential therapeutic or vaccine profits.