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DRUGS ARE... GOOD
US stock futures took off last night after a report surfaced that Gilead’s Remdesivir drug had shown success in treating coronavirus patients. Remdesivir was previously tried as an Ebola drug... unsuccessfully. Apparently, they just keep these drugs sitting around like that condom you keep in your wallet “just in case”...
Dow futures climbed more than 900 points, with the S&P and Nasdaq following suit, as investors took the Gilead news as a sign that we could be making progress against the virus.
Gilead itself climbed 16% on the news, and expects full results for its trials with moderate and severely afflicted patients to end in April and May, respectively.
In a late-stage clinical study at the University of Chicago, most of the 125 treated with Gilead’s drug were discharged after only a week of treatment. So, not only would people not be dying as often, (hey, that’s good) but hospitals would be able to turn beds over more quickly. Again, good.
The bottom line...
While Gilead is doing its part to save the world, it wasn’t the only one working on a 'rona repellent. Moderna shares jumped 18% in after-hours trading, after it announced it would receive $483M to develop a coronavirus vaccine. Drop me that much, and I could work on a vaccine, too.
The market reaction is hopeful, but a vaccine approved for mass use could still be 12-18 months away. Oh good, just in time for the next pandemic.
Dow futures rally 900 points after report says Gilead drug showing effectiveness against coronavirus [CNBC]
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