Some good news surrounding coronavirus: The first participant in Moderna's phase 1 trial for its COVID-19 vaccine recently received a dose.
As COVID-19 case counts and deaths continue to rise and the stock market has struggled to regain its footing, one bright spot are the drugmakers and diagnostics companies moving forward with plans to develop tests, treatments, and vaccines for the novel coronavirus.
Regeneron is also planning to test antibodies in the prevention and treatment of COVID-19 in clinical trials later this summer. Shares of Regeneron gained 10%; Sanofi’s stock was up 0.2%. President Donald Trump on Monday called for Americans to radically curtail daily activities for 15 days, to slow the spread of the disease in the U.S. He told people not to gather in groups of 10 or more or to visit restaurants or bars. The Kaiser Permanente health system has postponed all elective and non-urgent surgeries and procedures.
• Michaels Companies Inc. MIK, -15.41% gave guidance ahead of expectations but that didn’t take into account the impact of the coronavirus. Mark Cosby, Michaels CEO, said the company doesn’t expect “material supply chain disruptions” in the first quarter but sales in certain categories are slowing.
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