Stock prices for live music companies skyrocketed Monday morning on news that a COVID-19 vaccine was found to be 90% effective.
At 9:15 am ET, just 30 minutes after Pfizer's press release with its vaccine trial results, Live Nation was +20.8% to $67.73, Madison Square Garden Entertainment was +21.4% to $84.44 and Germany concert promoter CTS Eventim was +23.5% to $51.90. Market indexes around the world rose on Monday: in the U.S., the Dow was +3.9% and the S&P 500 was +2.9%; In the U.K., the FTSE 100 was +5.8%; and Russia's RTS Index was +5.3%.
Developed by Biotech companies Pfizer and BioNTech, the vaccine showed no serious side effects in a trial of 43,538 participants of racially and ethnically diverse backgrounds, Pfizer announced Monday morning. Trial participants were given two doses spaced 21 days apart; the drug was 90% effective seven days after the second dose, meaning the vaccine is effective within 28 days of the first dose. Pfizer noted “the final vaccine efficacy percentage may vary” as the trial continues.