CVAC - Why CureVac Stock Is Tumbling Today
Shares of CureVac (NASDAQ: CVAC) were tumbling 7.4% as of 11 a.m. EDT on Tuesday after falling as much as 13% earlier in the morning. The decline came after the company announced it's withdrawing COVID-19 vaccine candidate CVnCoV from the European Medicines Agency's approval process. CureVac plans to now focus on the development of second-generation COVID-19 vaccine candidates with its partner GlaxoSmithKline (NYSE: GSK) .
In June, CureVac released final data from a phase 2b/3 clinical study that showed CVnCoV had an overall efficacy of 48%. That level is well below the efficacy achieved by other authorized COVID-19 vaccines. However, CureVac initially hoped to win European approval despite the lower efficacy.
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Why CureVac Stock Is Tumbling Today