Live Nation Stock Jumps Over 22% on COVID-19 Vaccine News
In a public statement from Pfizer and BioNTech on November 9, a vaccine being tested has proven to be more than 90% effective. Sources say that the trial "demonstrated evidence of efficacy against COVID-19 in participants without prior evidence of SARS-CoV-2 infection, based on the first interim efficacy analysis conducted on November 8, 2020 by an external, independent Data Monitoring Committee (DMC) from the Phase 3 clinical study." Basically, this vaccine's odds look pretty good.
Of the 43,538 participants involved in the clinical trial, "no serious safety concerns have been observed." Pfizer and BioNTech are currently preparing to submit safety and manufacturing data to the FDA. If approved, the companies will produce an estimated 50 million vaccine doses globally in 2020 and more than 1.3 billion doses in 2021.
Over the past few months, Live Nation's share price has been impacted majorly by the pandemic, as well as the commercial outlook of live events being negatively impacted. Finally, after months of uncertainty due to pandemic restrictions on live events, on November 9, Live Nation's shares reached a new high since March and the start of the pandemic. Peaking at $72.29 on the New York Stock Exchange, Live Nation's stock price is up over 22.3%.
The company told investors in its Q3 SEC filing on November 5 that it estimates its "lost revenue impact from the global COVID-19 pandemic in the third quarter and first nine months of 2020 to be approximately $3.7 billion and $7.0 billion, respectively."
Last week, Live Nation Entertainment President and CEO, Michael Rapino, spoke to investors, sharing his optimism for his firm's future endeavors. He hopes that the vaccine being tested will lend a hand in the "expected return of concerts at scale in the summer of 2021."