COVID-19 vaccine
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Fears of contagion over China’s indebted property market sent U.S. markets tumbling on Monday as investors piled out of some of the riskier stocks.
But while some stocks suffered their worst hit in weeks, a few companies shrugged off the general malaise and stood out as beacons of hope.
The pharma sector delivered the biggest performers. The final decision from the Food and Drug Administration on Covid-19 booster shots is expected later this week and while most of the makers of antiviral treatments received a shot in the arm on Wall Street Monday Atea Pharmaceuticals (ticker: AVIR) stood out with a 13% jump.
It is pioneering the next generation of Covid-19 antivirals and is researching an oral candidate in the coming months.
Fellow pharmaceutical giant AstraZeneca (AZN) had more tangible good news following “groundbreaking” test results for a new breast cancer drug. Shares in the U.K. listed drugs group, which is also trades in the U.S., said its drug Enhertu reduced the risk of death or disease progression by 72%, according to interim analysis of a Phase 3 trial compared with trastuzumab emtansine (T-DM1) a treatment that already exists.
American biotech Seagen (SGEN) was up 3.3% as the market digested interim data for its metastatic cervical cancer study presented at the European Society for Medical Oncology (ESMO) Virtual Congress 2021 on Sunday. American Swiss biotech Incyte also outperformed the market, increasing 2.48% in what was a dismal session for many.
Shares in Brooks Automation (BRKS) increased 10.37% after the company split off its chipmaking Semiconductor Solutions business to private-equity firm Thomas H. Lee Partners LP for $3 billion while retaining its life science arm.
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