GlaxoSmithKline (GSK) and Vir Biotechnology (VIR) said Wednesday that its antibody drug reduced the severity of Covid-19 in high-risk patients – and Vir stock catapulted Thursday.
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Antibody treatment reduces the risk of hospitalization or death by 85% in patients with a mild or moderate diagnosis of Covid-19 and at risk of worsening. The data was so solid that an independent data monitoring committee recommended that companies stop the final phase study early.
Now, GSK and Vir say they will seek emergency clearance in the United States and other countries.
In pre-market trading on the stock market today, Vir’s shares rose 45.9% close to 68.30. But GSK’s shares fell 0.7% close to 35.40.
More to follow.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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