Shares of AstraZeneca AZN.L inched higher in early trade on Monday as the optimism spurred by the British drugmaker’s resumption of clinical trials for its COVID-19 vaccine candidate outweighed official weekend moves to cut U.S. drug prices.
The stock was the biggest boost to London’s bluechip, FTSE 100 .FTSE index in early trading, but quickly pared gains as U.S. President Donald Trump’s order to lower prices nationally hurt pharmaceutical stocks across the board.
AstraZeneca shares were trading at 8,431 pence by 0833 GMT. UK pharma stocks .FTNMX4570, however, underperformed the FTSE 100, with GSK GSK.L down 0.2% and Hikma HIK. 1% on Trump’s order.
The resumption of the trials for AstraZeneca’s vaccine, one of the most advanced in development and regarded by governments and financial markets as one of the best bets to tackle the health crisis in the months ahead, buoyed stock markets around the world.
Late-stage trials of the vaccine were suspended last week after…
Source: Vanguard Newspaper