Why Zoom Shares Are Falling

Zoom Video Communications Inc ZM shares are trading lower in possible reaction to positive data from Pfizer for its COVID-19 oral antiviral treatment candidate, which has weighed on remote work outlook. Weakness in remote fitness company Peloton could also pressure the space.

According to Pfizer:

• PAXLOVID™ was found to reduce the risk of hospitalization or death by 89% compared to placebo in non-hospitalized high-risk adults with COVID-19
• In the overall study population through Day 28, no deaths were reported in patients who received PAXLOVID™ as compared to 10 deaths in patients who received placebo

Pfizer plans to submit the data as part of its ongoing rolling submission to the U.S. FDA for Emergency Use Authorization (EUA) as soon as possible

See Also: Why Pfizer Shares Are Surging Today

Zoom Video Communications provides a communications platform that connects people through video, voice, chat, and content sharing.

Zoom has a 52-week high of $505.88 and a 52-week low of $250.11.