A coronavirus vaccine the University of Oxford is developing with AstraZeneca Plc showed promising results in early human testing, and is now set to move into larger trials that are likely to be decisive on how effective they truly are.
The results weren’t enough to convince the market, however. AstraZeneca Plc fell from a record high in New York trading on concerns over whether its vaccine can match the progress seen in programs from Pfizer Inc. and BioNtech SE, as well as Moderna Inc.
“In the competitive context they fail to impress,” said Bernstein analysts led by Ronny Gal.
The vaccine increased levels of both protective neutralizing antibodies and immune T-cells that target the virus, according to the study organizers. The results, published Monday in The Lancet medical journal, are a key milestone for one of the fastest-moving vaccine projects globally.
“Our hope is that we can actually start delivering a vaccine before the end of the year,” AstraZeneca Chief Executive Officer Pascal Soriot said on a call. “We’re working as quickly as we can but of course there are things you cannot control.”
Exacerbating market concerns, the Lancet medical journal publication came just an hour after Pfizer and BioNtech had announced early positive data from their Covid-19 vaccine trial in Germany, which builds upon promising results from their program earlier this month.
AstraZeneca’s U.S.-traded shares fell 4% at 2:07 p.m. in New York trading.
Sarah Gilbert, a vaccinologist who leads the work at Oxford, said 18-to-55 year olds and people over 55 in the U.K. trial are already being given two doses of the vaccine candidate. The larger U.S. trial due to start in a few weeks will also likely test two doses, she said.
Best Strategy
“We don’t know where we need to get to with the immune response,” Gilbert said by telephone. “Nobody knows how strong it needs to be.”
The best strategy, she said, is to go for a strong immune response to determine efficacy, she added. “If it turns out to be too much, that’s fine,” Gilbert added. “We may be able to take it back to one dose at least for the younger adults.”
The testers are also looking at different dose levels” to determine the best way forward, she said.
A positive outcome had been widely expected after reports last week lifted the stock, with the vaccine already in more advanced trials. Researchers plan to prioritize testing a two-dose regimen, rather than a single shot, dampening some of the enthusiasm over the vaccine, which they’ve previously said they hoped to deliver as early as September.
Other vaccine projects, including shots being developed by China’s CanSino Biologics Inc., and a partnership of Pfizer and BioNTech SE also delivered positive trial updates Monday. The results boost optimism about ways to counter a pandemic that’s killed more than 600,000 people and triggered economic turmoil worldwide. Moderna Inc., another front-runner, released results last week from an early-stage test that showed its vaccine raised levels of antibodies that fight the virus.
“The market should be extremely gratified that we have several vaccine candidates that are making good progress,” Lancet Editor Richard Horton said in an interview with Bloomberg Television.
Source: James Paton, Stephanie Baker, and Suzi Ring | Bloomberg
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