Waiving COVID-19 Vaccine Patents
By Mon, May 10, 2021
Hey Scoopers,
Despite the weaker-than-expected April job data, the stock market partly recovered from previous losses from last week. — More on that in the “Overall Market” section.
Beyond the overall market, a biotech company stepped ahead to guarantee full authorization for its COVID-19 vaccine. Meanwhile, a satellite company is not confident about its revenue future. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, do you think vaccine patents should be public? — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
Market Recap
- U.S. markets: The stock market ended in the green zone on Friday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin‘s price stayed at $58K per coin.
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Rebounded
The stock market ended in the green zone on Friday.
Although the Labor Department released a worst-than-expected April jobs report, the stock market rebounded to reach record highs. According to the report, the American economy created only 266,000 jobs in April against the expected 1 million. However, the markets expect that the slower job market recovery would prevent interest rates from increasing. Even though job creation keeps increasing, it is still far from the central bank’s targets for maximum employment.
Full Approval
So, what happened?
Shares of BioNTech (Ticker: BNTX) were up by more than 9% on Friday. After the biotech company was the first to win Emergency Use Authorization for its COVID-19 vaccine, the company decided to file for full FDA approval. When the pandemic ends, the FDA will require full approval for the vaccine. Therefore, BioNTech and other biotech companies are running around the clock to ensure their vaccine is still allowed in the USA. It seems that investors are pleased to see BioNTech getting ahead of its competitors.
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Not a Good Forecast
So what happened?
Shares of Globalstar (Ticker: GSAT) were down by more than 10% on Friday. After the mobile satellite services provider unveiled its first-quarter results, the markets didn’t like to see that it missed the revenue target. Analysts forecasted a $32.2 million revenue. However, the company posted a weaker-than-expected $26.9 million revenue. Furthermore, the company stated it expects an ever weaker revenue for the next quarter.
Waiving COVID-19 Vaccine Patents
So what happened?
President Biden publicly defended waiving Covid-19 vaccine patents.
On Thursday, the President showed support to push pharmaceutical companies to share vaccine patents. According to the President, the vaccine patent waiver would help boost immunization as other companies would develop more vaccines. Furthermore, the waiver could ease the immunization for emerging countries without the infrastructure to create vaccines. Although the decision to waive the patents would be valid only in the U.S., European leaders also started to support the idea.
However, biotech companies like Pfizer (Ticker: PFE) were totally against the idea. Along with Pfizer, Germany also stated that it would be against any attempt to waive the patent. Moreover, Pfizer CEO Albert Bourla said waiving the patents would set off a worldwide race for raw materials, threatening the vaccine availability.
If you have any questions, or suggestions let us know by emailing us at members@tradestocks.com. We look forward to hearing from you.
About the Author
Felipe Nebesnyj is an Economics student who is passionate about the stock market and investing in the market. Originally from Brazil, he is working and studying in the U.S. and started learning about and researching the stock market at 16. Before joining Stock Card, Felipe worked on multiple stock market research projects that gave him the necessary knowledge and confidence to put into his stock market analyst career at Stock Card. Last but not least, he is an excellent violinist and enjoys video games.
