Shares in Japanese drugmaker Shionogi & Co rose for a second day on Wednesday following the announcement that its antiviral pill for Covid-19 had been found to be effective.
The shares rose as much as 4% – following a 10% gain on Tuesday on the news that the pill reduced the levels of the virus in patients who tested positive for Covid-19.
The viral load fell by as much as 80% after four days and three doses compared with those who took a placebo. Patients who took a lower dose of the drug saw virus levels fall by 63% compared with the placebo.
The rally has come after a difficult January for Shionogi shares, which lost nearly 20% during the month.
“The new data shows that the drug, S-217622, reduces the viral load in patients’ blood at roughly the same rate as Pfizer‘s Paxlovid,” Stephen Barker, equity analyst at Jefferies in Tokyo, said.
“Shionogi’s third-quarter financial results were weaker than expected, but the good news on S-217622 is likely to outweigh those concerns,” he added.
- George Russell
READ MORE:
Pfizer Seeks Japan’s Approval for its Covid-19 Pill
Japan Expected to Maintain Fiscal Targets After Review
Japan May Tie Up with US, Europe on CBDC Rules
