By Tony Winterburn • 10 November 2020 • 9:04
Zoom Video Call Company Shares Tumble after Vaccine Breakthrough Shows 90% Effectiveness.
Zoom’s share price fell sharply following reports that a major vaccine trial had successfully inoculated nine out of 10 participants. Pfizer and German biotech company BioNTech announced on Monday morning early results showing their vaccine is more than 90 per cent effective in preventing COVID-19.
By the time US markets opened a few hours later shares in the company behind the popular video conferencing app had dropped nearly a whopping 20 per cent, wiping off around €23.5 billion (£21 billion) from its value. It was just starting to creep up again at the time of publication, alongside other companies which benefit from stay-at-home advice such as the streaming giant Netflix (down 7.6 per cent on its closing price) and online retailer Amazon (down 2.4 per cent).
The hit set Zoom’s stock market gains back to mid-September, although it is still up 504 per cent this year. Investors who bought shares in the company just before the first UK lockdown began would still be able to sell them for almost four times as much today. It comes as a vaccine expert predicted life will return to normal ‘by spring’ in response to the Pfizer announcement. Sir John Bell, an Oxford University medicine professor who sits on the Government’s vaccine task force, told BBC Radio 4’s The World At One: ‘I am really delighted with this result – it shows that you can make a vaccine against this little critter.”
The Spanish government introduced a curfew that legally runs-out in May 2021, although it could be removed before that date if the virus dissipated enough.
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