AstraZeneca’s stock jumps after the UK authorizes emergency use of its vaccine, which it created with Oxford University

injection britain england flag vaccine
Oxford University and AstraZeneca’s vaccine has two names – ChAdOx1 nCoV-19 and AZD122

  • AstraZeneca’s stock rose on Wednesday after the UK authorized the vaccine it created with Oxford University.
  • It is the second vaccine authorized for emergency use in the UK, after Pfizer and BioNTech’s.
  • AstraZeneca’s vaccine is easy to store and requires standard refrigeration. Other COVID-19 shots need cold storage. 
  • One chief market strategist said these less cumbersome logistical needs could help the vaccine end further UK restrictions.
  • Visit Business Insider’s homepage for more stories.

AstraZeneca’s stock jumped on Wednesday after Britain authorized emergency use of the COVID-19 vaccine it developed with Oxford University. 

The pharma group was among the FTSE 100’s leaders as its shares jumped 0.7% in early European trading. Its shares were up about 3.3% at the start of trade.

The vaccine should be available early in 2021, AstraZeneca said.

Britain’s approval is “certainly good news because there is no doubt that the current coronavirus vaccine demand is nowhere close enough to supply,” said Naeem Aslam, chief market analyst at AvaTrade. 

The approval should improve the coronavirus situation in the UK, where COVID-19 cases continue to surge, and much of the country is in lockdown, he said.

Read More: Jason Teed has beaten 99% of his investor peers this year. He breaks down how his Morningstar gold-rated fund did it with a trend-following strategy, and shares his advice for navigating the stock market in 2021.

A new variant of the coronavirus that appears to be more easily transmissible has been blamed for the wave of new cases. The country registered a record high of 53,135 new cases and 414 fatalities on Tuesday, bringing the seven-day case count to more than 272,000. 

AstraZeneca’s vaccine is the second to be approved in the UK, after Pfizer and BioNTech’s. More than 600,000 people in the country have already been vaccinated with the first dose of the two-dose Pfizer shot. 

Read More: Bank of America highlights its top 8 stock picks in the booming housing sector – including one it expects to rally 54% next year

Several parts of England went into the highest tier of coronavirus restrictions on December 20. People in these areas have been advised to stay at home.

AstraZeneca’s vaccine can be stored in a standard refrigerator – the other COVID-19 vaccines require cold storage.

Its rollout could stop further restrictions in the UK, given its less cumbersome logistical and storage requirements, according to Stephen Innes, chief global market strategist at Axi. 

Read the original article on Business Insider

Oxford-AstraZeneca’s COVID-19 vaccine has been authorized for emergency use in the UK

astrazeneca covid vaccine
The UK has ordered 100 million doses of the Oxford-AstraZeneca vaccine – enough for 50 million people.

  • The UK has authorized emergency use of Oxford-AstraZeneca’s coronavirus vaccine for use.
  • The country has ordered 100 million doses, enough for 50 million people.
  • The vaccine can be stored in a standard refrigerator.
  • Visit Business Insider’s homepage for more stories.

Following months of testing, a coronavirus vaccine created by Oxford-AstraZeneca has been authorized for emergency use by the United Kingdom.

The vaccine was designed early on in the pandemic, and trials on it began in April. It’s the second vaccine, after Pfizer BioNTech’s, to be authorized in the UK. 

The vaccine was approved under Regulation 174 of the Human Medicine Regulations 2012, which allows for the rapid approval of treatments for public health crises.

The UK has ordered 100 million doses – enough for 50 million people – and according to AstraZeneca, doses should become available early in the new year. 

The vaccine is a viral vector vaccine and can be stored in a standard refrigerator unlike other vaccines that require cold storage. 

A Department of Health and Social Care spokesperson told the BBC that priority would be to “give as many people in at-risk groups their first dose, rather than providing the required two doses in as short a time as possible.”

Recipients must receive a follow-up booster dose within 12 weeks of receiving their first shot of the vaccine. 

AstraZeneca’s vaccine development has been beset with problems. In September, trials of the vaccine were put on hold after a trial participant in the UK developed an unexplained illness. And in November, Oxford-AstraZeneca faced criticism after it was revealed there was a dosing error during trials for the vaccine, and that it had combined effectiveness rates from two different trial groups in a press release to announce a 70% effectiveness rate. 

In reality, a group of test subjects in an under-55 test group erroneously received a smaller dose of the vaccine than another group who received a larger dose. It was found that the smaller dose of the vaccine was actually more effective than the larger dose, at a rate of 90% to 62%.

Scientists, including the head of Operation Warp Speed in the US, Moncef Slaoui, expressed concerns over a potential misrepresentation of the vaccine’s effectiveness, particularly because the vaccine over-performed in the lower-risk under-55 age group.

The dose error and comparatively low effectiveness rate compared to other vaccine trials caused AstraZeneca’s stock to dip in late November.

So far, more than 600,000 people across the UK have been vaccinated with the previously approved Pfizer BioNTech vaccine.

The UK has struggled in recent weeks following the identification of a new and more easily-spread strain of COVID-19. On Tuesday, the country reported a record high of 53,125 new cases.

This story is breaking. Check back for updates.

Read the original article on Business Insider