Fund managers who specialise in the healthcare industry are warning against bubbles and hype developing in particular pharma stocks around the prospects for a Covid-19 vaccine. The next few weeks will prove crucial to sorting the winners from the rest, they say.

Some fund managers are watching uneasily as vaccine prospects proliferate, and caution that not all will end in success. Meanwhile, the traditional US election fears that a Democratic victory would lead to a crackdown on US drug prices also hovers over the sector.