AstraZeneca stock price gains as Trump considers fast-tracking their COVID-19 vaccine
- Trump considers fast-tracking the approval for the Astrazeneca’s coronavirus vaccine in the States before
- The phase 3 trials are scheduled for completion in November or December
- AstraZeneca share price gained over 1% on fast-track reports
Shares of AstraZeneca PLC (LON: AZN) gained over 1% on reports that the U.S. government considers fast-tracking the approval for Astrazeneca’s coronavirus vaccine in the States before the forthcoming presidential elections, according to a report by the Financial Times.
Fundamental analysis: Unrealistic scenario?
The FT report said that President Donald Trump is considering several options, one of them including the FDA’s approval for the emergency use of Astrazeneca’s vaccine which was developed in partnership with Oxford University.
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If it happens, the authorization could be predicated on a small study performed by AstraZeneca which includes 10,000 volunteers in the UK, while the United States demands the vaccine to be tested on 30,000 volunteers.
The authorization would allow the Trump administration to lay claim on developments made against the virus that has killed around 170,000 Americans. The FT reports that it was Mark Meadows, Chief of Staff at the White House, who told Democrats that the government was considering the fast-tracking move.
Phase 3 trials are scheduled for completion in November or December. AstraZeneca struck a deal with the Argentinian and Mexican government to supply the COVID-19 vaccine.
Additionally, the drugmaker also came to an agreement with the Serum Institute of India Pvt. Ltd. to provide the vaccine to less-developed countries and the European Union.
“With our European supply chain due to begin production soon, we hope to make the vaccine available widely and rapidly. I would like to thank the governments of Germany, France, Italy and the Netherlands for their commitment and swift response,” said AstraZeneca’s CEO Pascal Soriot.
A few other pharmaceutical companies are also in the final stage of clinical trials, including Inovio Pharmaceuticals Inc, Moderna Inc, Pfizer Inc, and Johnson and Johnson.
Technical analysis: Shares gain modestly
Shares of AstraZeneca moved modestly higher this week on reports that Trump considers fast-tracking the approval for the Astrazeneca’s coronavirus vaccine in the U.S. AstraZeneca stock price has traded mostly sideways in the past 4 weeks since retreating from the record high set above GBX10,000.
Investors are eagerly anticipating future developments in relation to the COVID-19 vaccine. More positive reports are likely to push the stock price above GBX9000, while GBX8000 is where the weekly support is located.
The Trump administration is thinking about fast-tracking the authorization of COVID-19 vaccine developed by the UK drugmaker AstraZeneca. In that case, the vaccine could get approval for use by October.