CureVac stops development of its COVID-19 vaccine

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CureVac (CVAC.US) stock fell sharply during today's session, after the biopharmaceutical company abandoned efforts to get its first generation drug approved by regulators. The decision came after the European Medicines Agency told the company it would not fast-track the approval process after clinical tests had shown it had only a 48% efficiency rate in preventing serious disease. CureVac plans to now focus on the development of second-generation COVID-19 vaccine candidates with its partner GlaxoSmithKline (GSK.US). CureVac and GSK aim to secure regulatory approval for market readiness of an improved Covid-19 vaccine in 2022. The companies also plan to accelerate efforts to progress the development of modified mRNA vaccine constructs.

CureVac (CVAC.US) stock launched today's session sharply lower, however buyers managed to partially erase early losses. However, only breaking above the resistance at $42.58 will invalidate the bearish scenario and the stock price may launch another upward impulse towards $52.85. Source: xStation5

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