$CureVac (CVAC.US)$ what is the reason for the sudden huge d...

TheArtOfWar : Shares of vaccine start-up CureVac lost half their value in Wednesday’s after-hours trading following the German company’s announcement that the preliminary data from its Covid-19 study are disappointing. In a pivotal trial among 40,000 volunteers, the shots were 47% effective at preventing Covid symptoms. That missed the study’s preset measure for success.

The stock (ticker: CVAC) closed Wednesday trading down 3.5%, at $94.79. Then came the news. That has taken nearly 50% off the price in after-hours trading, to drop it to $48.80. “While we were hoping for a stronger interim outcome, we recognize that demonstrating high efficacy in this unprecedented broad diversity of variants is challenging,” said CureVac chief executive Dr. Franz-Werner Haas. The study will continue to count Covid cases in the group, he said, and the final data may change the efficacy rate. The company will hold a conference call Thursday morning.