Citi analyst Andrew Baum downgraded GlaxoSmithKline (GSK) to Neutral and lowered his price target for the shares to GBP 17 from GBP 18. The analyst believes the market is underappreciating the slowing of the company's HIV market growth. He prefers shares of AstraZeneca (AZN), Roche (RHHBY) and Bayer (BAYRY) for exposure to Europe.

Due to a rapidly changing epidemiological environment following the end of the COVID-19 pandemic, CureVac and GSK decided to end the Pandemic Preparedness Agreement jointly concluded with the Federal Republic of Germany in April 2022. This decision was made after consultation with the German Federal Ministry of Health and the German Center for Pandemic Vaccines and Therapeutics. The agreement included the provision of production capacity and supply of mRNA-based vaccines in the event of a public health emergency in Germany. Termination will take effect on May 31, 2024, with no further financial obligations. Completion of CureVac's GMP IV manufacturing plant for the production mRNA-based vaccines is unaffected and progressing. Contingent upon regulatory approval, the facility is expected to be certified in the second half of 2024.

CureVac (CVAC) announced the start of the Phase 1 part of a combined Phase 1/2 study of an investigational influenza A pre-pandemic vaccine candidate developed in collaboration with GSK (GSK). The H5N1 avian influenza virus is considered a potential future pandemic threat, known to sporadically cross species from its original bird host to other animal hosts and humans. The monovalent vaccine candidate is based on CureVac's proprietary second-generation mRNA backbone and encodes an influenza A H5-antigen. The combined Phase 1/2 study will evaluate the safety, reactogenicity and immunogenicity of an investigational influenza A pre-pandemic vaccine candidate in healthy younger adults aged 18 to 64 and healthy older adults aged 65 to 85. In the initial Phase 1 dose-escalation part of the study, up to five dose levels will be assessed compared to a placebo control. The study will be conducted in the United States. The broad CureVac-GSK infectious disease collaboration was first announced in July 2020. It focuses on applying CureVac's mRNA-technology to the development of new products for infectious disease targets.

Bearish flow noted in AstraZeneca with 3,362 puts trading, or 1.7x expected. Most active are 4/26 weekly 70 puts and May-24 70 calls, with total volume in those strikes near 3,600 contracts. The Put/Call Ratio is 1.72, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 25th.