AstraZeneca PLC (NYSE: AZN) has halted the phase 3 trials for the COVID-19 vaccine after a ‘serious adverse event’, a possible reaction to the shot was reported in the UK. AstraZeneca vaccine candidate was considered to be the leading coronavirus vaccine candidate but the hopes for a vaccine shot are vanishing.
AstraZeneca has partnered with the University of Oxford to develop the vaccine candidate for novel coronavirus. AZN coronavirus vaccine candidate is known as ‘AZD1222’ is in the Phase III trial. It is the final stage after which the firm will submit safety, and efficacy data to regulators for approval.
AZN unveiled that it deliberately halted the trial to allow a committee to analyze safety data. AZN has enrolled 50,000 participants for late-stage trials that are continued in the US, UK, South Africa, and Brazil. It is not clear yet what the exact nature of the reaction was but the participant is anticipated to recover soon.
Shares of AstraZeneca traded up 2.11% as it gained +1.13 on Tuesday at a closing price of $54.71. It had a trading volume of 6.74 million as compared to the average volume of 6.62 million. In the past 52-weeks of trading, this company’s stock has fluctuated between the low of $36.15 and a high of $64.94.
AZN has moved up 51.34% from its 52-weeks low and moved down -15.75% from its 52-weeks low. AstraZeneca market capitalization has remained high, hitting $145.29 billion at the time of writing. Looking at its liquidity, it has a current ratio of 0.80.
AstraZeneca had earlier inked a deal with the European Commission for the supply of $300 million doses of potential COVID-19 vaccine doses. AZN had got $336 million for this deal from the European Commission. Australia has also signed a $1.2 billion supply and production agreement with AstraZeneca for the supply of over 84.8 million COVID-19 vaccine doses. But because of the latest side effect, the vaccine hopes are vanishing in thin air.
AZN said that it is checking whether the vaccine shot caused the illness in a participant or the shot had nothing to do with the illness as the only one volunteer has developed the side effects. The company is currently working to check the safety and efficacy of shots.