AstraZeneca conducted trials on their new antibody therapy, and it revealed that the probability of developing Covid-19 symptoms dropped by 77%. This aligns with their plans to provide preventive medicine to people who have adverse reactions to vaccines.
The trial was on a group of individuals, of which 75% has chronic illnesses and a low immune reaction to vaccinations. And two antibody types were among the test subjects.
Industry rivals Regeneron, Eli Lilly, and GlaxoSmithKline are also developing similar drug therapies which imitate immune system proteins which occur naturally. However, AstraZeneca’s trial was the first to publish positive antibody trial data.
Executive Mene Pangalos said the trial results were issue three months after the injection of the antibodies. There would be follow up investigations for up to 15 months with the aim that the shot would protect for a year.
AstraZeneca’s existing vaccine, Vaxzevria, which was collaborated with Oxford University value could benefit from another Covid-19 product, according to Pangalos.
The Vaxzevria vaccine has not yet been clear in the United States, and there have been rare instances of blood coagulation- decreasing demand in Europe. The company also encountered production challenges during the vaccine rollout.
Wall Street – AstraZeneca outlook is Bullish
AstraZeneca’s vaccine rollout might have had some hurdles, but this is not why Wall Street is bullish towards this stock. The company has an average price target that is 13% above the current share price. The EU and UK have authorized the vaccine; however, they couldn’t meet delivery targets. Subsequently, a lawsuit was filed against them by the EU.
The US Food and Drug Administration has not yet authorized the vaccine. Still the US government placed an order for 300 million doses of the AstraZeneca COVID vaccine last year. Instead, the company will have to request FDA approval instead of the Emergency Use Authorization (EUA).
But Wall Street’s affinity to AstraZeneca is more to do with their cancer drug, which is gaining momentum. They predict the type 2 diabetes drug Farxiga is also vital in driving growth.
AstraZeneca share price is trading at 8727GBp and the stock gained 3.57% in the last week.