CVAC Stock Price Increases 14%: Why It Happened

CureVac BV (NASDAQ:CVAC) shares are trading higher by 14% at $66.16 as the stock rebounds after falling in recent sessions.

The stock dipped after the company late Wednesday announced its COVID-19 vaccine demonstrated an interim vaccine efficacy of 47% and did not meet its prespecified statistical success criteria.

See Also: Tesla Partner CureVac Says Will Find 'Sweet Spot' For COVID-19 Vaccine Despite Disappointing Data

CureVac is a clinical-stage biopharmaceutical company developing a new class of transformative medicines based on messenger ribonucleic acid that has the potential to improve the lives of people.

The company's product portfolio includes clinical and pre-clinical candidates across multiple disease indications in oncology, prophylactic vaccines and protein therapy. Its clinical programs are CV8102, which it is evaluating in Phase 1 clinical trial for the treatment of four types of solid tumors, and CV7202, which it is investigating in Phase 1 clinical trial for potential vaccination against rabies.