Pfizer: vaccine results 'a major breakthrough', DB says
(CercleFinance.com) - Pfizer's preliminary results from the phase 3 trial on its Covid-19 vaccine are "at least as good as the best-case scenario that the market could have hoped for," analysts at Deutsche Bank say.
First, Pfizer's results suggest that the vaccine has an efficacy of 90% or more, meaning that governments would need to reach vaccination coverage of about 60% to reach herd immunity, a target that seems feasible over the course of 2021, the German broker points out in a note.
Second, it is positive that the breakthrough is coming from Pfizer, since access to this vaccine will be broader than for some other candidates as Pfizer's competitive pricing means that many governments will be able to purchase significant numbers of doses into next year.
Third, Pfizer announced that results were based on a large number of cases among trial participants, DB adds, noting that other vaccine trials, such as Moderna and AstraZeneca's, have also accumulated a large number of cases
"Hence, Pfizer might only have kicked off the "results season" this morning, with more news to come soon," the German bank said.
In terms of the market impact, Deutsche Bank says that global risk should rally more on what is truly a breakthrough on the vaccine front, with broad sector rotation toward equities, commodities, and currencies.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
First, Pfizer's results suggest that the vaccine has an efficacy of 90% or more, meaning that governments would need to reach vaccination coverage of about 60% to reach herd immunity, a target that seems feasible over the course of 2021, the German broker points out in a note.
Second, it is positive that the breakthrough is coming from Pfizer, since access to this vaccine will be broader than for some other candidates as Pfizer's competitive pricing means that many governments will be able to purchase significant numbers of doses into next year.
Third, Pfizer announced that results were based on a large number of cases among trial participants, DB adds, noting that other vaccine trials, such as Moderna and AstraZeneca's, have also accumulated a large number of cases
"Hence, Pfizer might only have kicked off the "results season" this morning, with more news to come soon," the German bank said.
In terms of the market impact, Deutsche Bank says that global risk should rally more on what is truly a breakthrough on the vaccine front, with broad sector rotation toward equities, commodities, and currencies.
Copyright (c) 2020 CercleFinance.com. All rights reserved.