Shares in AstraZeneca are advancing in the pre-market session amid a report that the Trump administration is considering fast-tracking the drugmaker’s vaccine candidate for use in the US ahead of elections in November.
The stock is currently up 3.4% at $57.62 as the Financial Times reported that the US administration is considering bypassing US regulatory standards to fast-track the experimental coronavirus vaccine AstraZeneca is developing with Oxford University.
One option being discussed to speed up the availability of a vaccine would involve the US Food and Drug Administration (FDA) awarding “emergency use authorisation” (EUA) in October to the vaccine candidate, based on the results from a relatively small UK study if it is successful.
Meanwhile, the AstraZeneca study has enrolled 10,000 volunteers, whereas the US government’s scientific agencies have said that a vaccine would need to be studied in 30,000 people to pass the threshold for authorisation. AstraZeneca is also conducting a larger study with 30,000 volunteers, although the results from that will come after the smaller trial.
The FDA on Sunday separately issued an EUA for using convalescent plasma for the treatment of coronavirus in hospital patients, in what the White House said was a “major therapeutic breakthrough”.
A spokesperson for AstraZeneca said it had “not discussed emergency use authorization with the US government” and that it “would be premature to speculate on that possibility”.
AstraZeneca’s candidate AZD1222 is one of several vaccine candidates supported by Operation Warp Speed (OWS), the US government program to accelerate the development, manufacturing, and distribution of COVID-19 vaccines available for Americans by Jan. 2021.
AstraZeneca shares have advanced 13% this year as the drugmaker joined the list of companies engaged in the development of a potential coronavirus vaccine. Looking ahead, the $81.84 average analyst price target puts the upside potential at a promising 47% in the coming 12 months.
Overall, the stock scores a Strong Buy consensus from the analyst community based on 3 unanimous Buy ratings. (See AstraZeneca stock analysis on TipRanks)
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