Coronavirus vaccine: Zoom share price plunges after news on Pfizer jab

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Zoom’s share price has dropped in the wake of positive news about a coronavirus vaccine.

The video conferencing app has been one of the most famous beneficiaries of the pandemic, as workplaces use it to replace meetings and friends meet up in calls. It has gained 635 per cent in 2020.

But as pharmaceutical giant Pfizer, which is working with German biotech company BioNTech, said that interim analysis showed its vaccine is more than 90 per cent effective in preventing Covid-19, Zoom’s stock price fell.

It had dropped around 15 per cent in pre-market trading, at the time of publication, and was continuing to fall.

While such a fall only takes the company’s value back to where it was in mid-September, it is presumably being sold off as a result of fears that its success – built on the prevalence of working, studying and socialising from home – could be limited by a vaccine that would allow lockdowns to ease.

The new vaccine results are based on the first interim analysis of Phase 3 of the study, and evaluated 94 confirmed cases of Covid-19 in trial participants.

The study enrolled 43,538 participants, with 42% having diverse backgrounds, and no serious safety concerns have been observed, the companies report.

They add that safety and additional efficacy data continue to be collected.

The case split between vaccinated individuals and those who received the placebo indicates a vaccine efficacy rate above 90%, at seven days after the second dose.

Researchers say this means that protection is achieved 28 days after the initiation of the vaccination, which consists of two doses.

However, they caution that as the study continues the final vaccine efficacy percentage may vary.

Dr Albert Bourla, Pfizer chairman and chief executive, said: "Today is a great day for science and humanity.

"The first set of results from our Phase 3 Covid-19 vaccine trial provides the initial evidence of our vaccine's ability to prevent Covid-19."

He added: "We will continue to collect further data as the trial continues to enrol for a final analysis planned when a total of 164 confirmed Covid-19 cases have accrued.

"I would like to thank everyone who has contributed to make this important achievement possible."

Additional reporting by Press Association