Video-chat software company Zoom suffered a major plummet to the stock Monday after the release of positive COVID vaccine data.
Earlier this week, Pfizer and BioNTech announced that their coronavirus vaccine results had displayed a 90% efficacy rate in preventing the virus. This was especially surprising because scientists’ initial hopes were to just create a vaccine that was at least 75% effective, however their results more than satisfied that goal.
Following the news, investors quickly transitioned their support into companies that would benefit from a reopening of the economy, with all major stock market indices moving significantly higher. Zoom’s stock, however which had previously benefited from the pandemic shutdown, dropped 17.4% on Monday. Prior to Monday, Zoom stock had skyrocketed by +635% year to date.