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Corporate Insiders Pocket $1 Billion in Rush for Coronavirus Vaccine

On June 26, a small South San Francisco company called Vaxart made a surprise announcement: A coronavirus vaccine it was working on had been selected by the U.S. government to be part of Operation Warp Speed, the flagship federal initiative to quickly develop drugs to combat Covid-19.

Vaxart’s shares soared. Company insiders, who weeks earlier had received stock options worth a few million dollars, saw the value of those awards increase sixfold. And a hedge fund that partly controlled the company walked away with more than $200 million in instant profits.

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Coronavirus Rebounds in Places Thought to Have Tamed It

New York Times

Hong Kong, Spain, and Melbourne, Australia, are seeing resurgences. The U.S. recorded nearly 70,000 new cases, and President Trump canceled part of the Republican National Convention.

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