CureVac N.V. (CVAC) shares plunged 45.67% in the after-hours on Wednesday, June 16, 2021, and close the session at $51.50 per share. Earlier, in the morning session, CVAC’s stock lost 3.47% to close Wednesday’s session at $94.79 per share. CVAC shares have moved down by 10.34% in the past week. Over the past three months, the stock has gained 0.53%, while over the past six months, it has shed 21.70%.

Let’s try to find out why CVAC stock lost significantly on Wednesday?

Update on Phase 2b/3 Trial ofCOVID-19 VaccineCVnCoV

On June 16, 2021, CureVac N.V. announced the results of the second interim analysis of its international pivotal Phase 2b/3 study in approximately 40,000 subjects (the HERALD study) of CureVac’s first-generation COVID-19 vaccine candidate, CVnCoV.

CVnCoV demonstrated an interim vaccine efficacy of 47% against COVID-19 disease of any severity and did not meet prespecified statistical success criteria. The study is continuing to the final analysis and the totality of the data will be assessed for the most appropriate regulatory pathway.

Earlier, on June 1, 2021, the company reported that the independent Data Safety Monitoring Board (DSMB) confirmed that the phase IIb/III study (HERALD) for CVnCoV has passed the first interim analysis in 59 adjudicated COVID-19 cases with no safety concerns.

New appointment

On June 2, 2021, CureVac N.V. appointed Klaus Edvardsen, MD, Ph.D., as Chief Development Officer. The appointment of Dr Edvardsen will take effect on August 1, 2021.

Recent financial results announcement

On May 26, 2021, CureVac N.V released its financial results for the first quarter of 2021.

Q1 2021 financial highlights

• CureVac reported revenue of €10.0 million for the first three months of 2021compared to revenue of €3.1 million for the same period in 2020.
• The company suffered from an operating loss of €115.8 million for the first three months of 2021 compared to an operating loss of €23.2 million for the same period in 2020.
• The cost of sales and other operating expenses were €26.3 million for Q1 2021 compared to €125.8 million in Q1 2020.
• As of March 31, 2021, the company had cash and cash equivalents of€1,497 million compared to €1,323 millionas of December 31, 2020. 

Conclusion

The CVAC stock plummeted after the company announced that its Covid-19 vaccine shows 47% efficacy against Coronavirus variants. The CVAC stock can further go down on Thursday as well.