JP Morgan stay 'overweight' on AstraZeneca despite 'aggressive' rise in shares

The results of the Phase I/II clinical trial conducted alongside Oxford University's Jenner Institute showed "encouraging" results regarding the vaccine's efficacy for the small subset of patients for which results were now available.

That was true both in terms of the antibody response and the production of T-cells.

However, there was as of yet no efficacy data around the relief of symptoms, they said.

No serious adverse events were recorded either.

In terms of comparing the results of the trial with those from competing vaccines, the analysts said that was "challenging" due to the different endpoints and assessments the various companies had chosen.

They also noted the sharp 10% outperformance in AstraZeneca's shares since 14 July which "arguably" already priced-in significant value for the vaccine programme.

Indeed, they described it as "an aggressive move considering the still early stage of this vaccine program, the level of competition, and the outstanding questions about the need for and ability to re-vaccinate."