By Lewis Krauskopf
NEW YORK, Oct. 6 / PRNewswire / – Clinical data on possible treatments for the new coronavirus could help maintain a market recovery that fueled stocks after last month’s slump as investors look for signs that authorities may stabilize the pandemic can.
Highly anticipated data for an experimental antiviral drug from Gilead Sciences Inc is expected later this month. Analysts are also waiting for results for products that are already approved for other conditions by companies such as Roche Holding and Regeneron Pharmaceuticals.
While experts estimate that an approved vaccine could be at least a year away, advances in treatments that benefit some COVID-19 patients could help investors assess when the epidemic comes under control and some economic activity resumes could.
“The more we see positive clinical data, the more investors will be comforted that this is a temporary problem, as is the case with all epidemics,” said Art Hogan, chief market strategist at National Securities.
Early signs of a slowdown in hospitalization and critical care needs at coronavirus hotspots in the U.S. and abroad have led to a turnaround in stock markets, fueled by massive Federal Reserve support and a government bailout of more than $ 2 trillion Dollar was raised. On Monday, the S&P 500 was 21% below its all-time high of February 19, but has recovered 19% since March 23.
“With each additional piece of good news, we are nearing the end of the epidemic and the economic damage that will result,” said Hogan.
New York is approaching a plateau in the number of hospitalized coronavirus patients, Governor Andrew Cuomo said on Tuesday, though the number of deaths in the state reached a daily high.
Governments around the world have blocked their communities and urged citizens to stay inside and close restaurants, shops, and other businesses to curb the spread of COVID-19 cases, which, according to Johns, have 1.4 million worldwide with more than 80,000 deaths have exceeded Hopkins’ balance sheet.
Drug manufacturers are investigating ways to fight respiratory disease for which there are no approved treatments, as hospitals are affected by the flood of patients.
Hundreds or trials in progress
More than 330 COVID-19 clinical trials are listed in clinicaltrials.gov, a database maintained by the U.S. National Institutes of Health, including many that want to test drugs that are already approved for other diseases.
Gilead’s remdesivir, administered intravenously, is an experimental treatment that has attracted investor attention. The managing director of the biotechnology company said on March 28 that the first data would arrive in the “coming weeks”. Https://www.gilead.com/stories/articles/an-open-letter-from-our-chairman-and-ceo and analysts This data could be available in mid-April.
Remdesivir previously failed to treat the Ebola virus. But it did help prevent disease and reduce the severity of symptoms in monkeys infected with a virus that was more closely related to the new corona virus in a study, which raised hopes.
Some analysts warn that remdesivir will bring overwhelming benefits.
Initial data are expected to come from studies in patients with relatively severe COVID-19. Because antiviral drugs work best in healthier patients, these results may show limited effectiveness, said Evan Seigerman, a biotech analyst at Credit Suisse.
Even if remdesivir is effective, the amount of medicine available remains a problem. Gilead said last weekend, https://www.gilead.com/stories/articles/an-update-on-covid-19-from-our-chairman-and-ceo, that its existing offering could correspond to more than 140,000 treatment cycles .
Data is also expected for Regeneron and Sanofis Kevzara, possibly by the end of the month, and Roches Actemra – two similar drugs for rheumatoid arthritis that are being tested for COVID-19 disease.
Studies are also ongoing on hydroxychloroquine, a decades-old malaria drug used by doctors despite controversy over its effectiveness for COVID-19.
“Just knowing that something works means investors can think about the other side,” said Keith Lerner, chief market strategist at Truist / SunTrust Advisory Services, in comments emailed to Reuters, “Both from human also from the economic and market economy side. ” Perspective. “(Reporting by Lewis Krauskopf; editing by Ira Iosebashvili and Bill Berkrot)