Efficacy report on COVID-19 vaccine candidate catalyzes stock jumps for Live Nation, other live music companies
Stocks for live music companies such as Live Nation immediately increased following Pfizer and BioNTech’s November 9 announcement that their co-developed COVID-19 vaccine was more than 90 percent effective in preventing COVID-19 in patients without prior SARS-CoV-2 infection. Specifically, Live Nation’s stock rose by 20.8% ($67.73); Madison Square Garden Entertainment’s, by 21.44% ($84.44); and CTS Eventim’s, by 23.5% ($51.90).
Similar increases were seen in market indexes around the globe. In the United States, the Dow was up 3.9%; the S&P 500 rose by 2.9%. In the United Kingdom, the FTSE 100 increased by 5.8%; in Russia, the RTS Index shot up by 5.3%.
The greater than 90% efficacy seen with Pfizer and BioNTech’s mRNA-based vaccine candidate comes from an interim analysis of the phase three clinical trial evaluating the vaccine in 43,538 patients, 38,955 of whom received a second dose of the two-dose schedule vaccine on November 8. Presently, Pfizer and BioNTech are guiding the vaccine through the international study’s final analysis; they continue to accumulate safety data.
The manufacturers expect to produce 50 million vaccine doses by the end of 2020 and up to 1.3 billion doses in 2021. The news follows Live Nation’s recent projection that it would return to hosting “full scale” shows by summer 2021.
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