German vaccine CureVac, what are you doing on the stock market?
The German Consob is investigating a possible case of insider trading in CureVac: it suspects that the employees of the company used the information on the effectiveness of the vaccine to sell shares before the collapse. All the details
The BaFin, the German financial regulator, is investigating a possible case of insider trading regarding CureVac, the biotech company based in Tübingen, Germany, which has developed a coronavirus vaccine with preliminary results. rather disappointing .
SUSPECTS OF INSIDER TRADING ON CUREVAC
According to the German newspaper Rheinische Post , which first broke the news, BaFin suspects that employees of CureVac or Bayer – the large German pharmaceutical company that participated in the production of the vaccine – have exploited confidential information on the results of the vaccine in their possession to sell shares at a favorable time, before the collapse.
THE COLLAPSE OF CUREVAC SHARES
Last Thursday, in fact, after CureVac announced the 47 percent efficacy of its vaccine – it is much less than that of competitors using the same mRNA technology: BioNTech / Pfizer and Moderna exceed 90 percent -, the shares of the company lost more than 50 percent of their value on the Frankfurt and New York stock exchanges. The market value of CureVac was negatively affected by over 6 billion euros.
THE COMMENT OF CUREVAC
Regarding the BaFin investigation, CureVac said it was not aware of it and had not been contacted by the authority.
THE COMMENT OF BAFIN
BaFin preferred not to comment on CureVac's specific case, but said the authority is tasked with monitoring unusual price swings to determine if there are signs of market manipulation or abuse.
WHAT THE EUROPEAN UNION SAID
In November, the European Union signed a contract with CureVac to supply up to 405 million (180 million are optional) doses of the vaccine.
After the publication of the results, the European Commission has made it known that it will wait to know the final results of the clinical trial before making a decision.
HOW DO THE ACTIONS GO
On closing yesterday, the NasdaqGS recorded a 3.66 percent decline in CureVac shares, to $ 59.67 each.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/vaccino-curevac-azioni-insider-trading-cosa-succede/ on Tue, 22 Jun 2021 08:43:53 +0000.