AstraZeneca Shares Hit Record High Amid Global Withdrawal of COVID-19 Vaccine

Gelonghui May 8 | AstraZeneca (AZN.US) rose over 1%, hitting a record high of $77.115. On the news front, AstraZeneca announced the global withdrawal of its COVID-19 vaccine, stating that this decision was based on commercial considerations. As various vaccines targeting mutated strains of the virus have been developed, an oversupply of available booster shots has emerged, leading to a decline in demand for the company's COVID-19 vaccine, Vaxzevria. Consequently, the company has begun recalling the vaccine globally and will also withdraw its marketing authorization in Europe. AstraZeneca emphasized that the decision to withdraw the vaccine is unrelated to any legal cases or the company acknowledging that the vaccine may cause side effects in some recipients.