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Zoom Shares Crash After Pfizer Claims Its COVID Vaccine Is 90 Percent Effective

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Shares in video-call software Zoom plunged by around 15 percent this morning as news broke about a promising COVID-19 vaccine candidate.

Pharmaceutical companies Pfizer and BioNTech said today that their vaccine candidate appeared to be over 90 percent effective in preventing COVID-19, impacting the value of a company that surged in popularity in a year of lockdowns and quarantines.

Pfizer and BioNTech suggested their mRNA-based vaccine trials showed “evidence of efficacy” against COVID-19 in participants without prior evidence of an infection.

Pfizer Chairman Dr. Albert Bourla said it was a “great day for science and humanity,” as the news sent Zoom shares into freefall. Shares in Amazon and Netflix also fell by between three and six percent after the announcement.

The vaccine candidate news also resulted in positive movements in the stocks of airlines and cruise liners, which were both hit hard by the pandemic. Mirroring Zoom’s downturn was Peloton, a home exercise company, which saw its shares fall by 13 percent.

In a media release, Pfizer and BioNTech said Emergency Use Authorization (EUA) would be sought from the Food and Drug Administration (FDA) in the wake of the next safety milestone being completed, estimated to be the third week of November.

The companies said that current projections indicate they could produce up to 50 million vaccine doses in 2020 and up to 1.3 billion doses in 2021, although tests continue.

Donald Trump, who last week lost the presidential election to Democratic candidate Joe Biden, reacted with an all-caps response on Twitter, writing: “STOCK MARKET UP BIG, VACCINE COMING SOON. REPORT 90% EFFECTIVE. SUCH GREAT NEWS!”

The following graphic, provided by Statista, shows the stock performance of multiple companies on Monday, following news about the promising vaccine candidate.

In this photo illustration a Zoom App logo is displayed on a smartphone on March 30, 2020 in Arlington, Virginia.The video meeting and chat app has become the wildly popular host to millions of people working and studying from home during the coronavirus outbreak.
OLIVIER DOULIERY/AFP/Getty

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