More than a year into the COVID-19 pandemic, dozens of companies from several countries have joined the race to develop a vaccine. 

While Moderna, Pfizer-BioNTech, and AstraZeneca-Oxford are some of the leading names in the race, other companies are working on vaccines too. 

And as new variants of the virus emerge across the globe, vaccine makers are looking to how theirs will measure up. 

But vaccine success doesn't directly correlate to success in the stock market.

Other factors such as virus variants, distribution and supply chains are impacting how the markets react. 

Sel Hardy, a Fundamental Equity Research Analyst for CFR Research, breaks down the short and long-term challenges vaccine candidates are facing and what that means for the money they make. 

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