CureVac Stock Drops After Final Results Confirm Its COVID-19 Vaccine Trails Rivals

The German biotech company CureVac BV CVAC announced on Wednesday after hours the final results of its late-stage COVID-19 vaccine trial showing 48% effectiveness at preventing the disease, which is slightly higher than seen in a preliminary readout.
But it lagged the efficacy rates of more than 90% shown by Pfizer Inc PFE - BioNTech SE BNTX and Moderna Inc's MRNA mRNA shots.
CureVac said its jab, known as CVnCoV, did slightly better among people aged 18 to 60 than among older ages, with efficacy climbing to 53% against the disease of any severity.
Among that same 18-60 age group, the vaccine offered 100% protection against hospitalization and death.
The vaccine was 77% effective against moderate and severe disease across variants for trial participants ages 18 to 60.
Around 40,000 people participated in the company's trial in Europe and Latin America. By the end of the study, Some 228 volunteers developed COVID-19 two weeks after getting their second dose.
According to the company, some 86% of the cases in study subjects were due to variants, while 3% stemmed from the original strain.
Price Action: CVAC shares are down 13% at $63.96 during the premarket session on the last check Thursday.