Pfizer Inc. (PFE) on Monday announced that its experimental coronavirus vaccine achieved more than 90 percent effectiveness in treating the infected patients, sending its share up more than 8 percent this morning.
The announcement marks a major success in fight against the Covid-19, which has killed millions of people and disrupted many businesses and economies around the world. Pfizer and its German partner BioNTech SE (BNTX) are among the very few pharmaceutical companies to announce a successful data from a mass-scale trial of a coronavirus drug.
PFE and BNTX said no serious side effect was observed during the trials. The two companies expect to seek immediate emergency authorization of the vaccine from the U.S. Food and Drug Administration (FDA).
Pfizer’s CEO Albert Bourla said in a statement “we are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen.”
There are still some unanswered questions related to the vaccine, such as the availability of the drug in the United States and other countries after approval, as well as how long the drug will offer protection against the virus.
Republican Party’s Presidential candidate Donald Trump also welcomed the news by tweeting "STOCK MARKET UP BIG, VACCINE COMING SOON. REPORT 90% EFFECTIVE. SUCH GREAT NEWS!"
Shares of both Pfizer Inc. (NYSE: PFE) and BioNTech (NASDAQ: BNTX) hit new 52-week high of $41.95 and $115.00, respectively, in the early trading Monday following the news.
Pfizer shares have been on a roller coaster ride since the start of the pandemic. PFE share price touched a low of around $28 in March. However, the stock managed to recover most of its lost value in the subsequent months. Overall, the stock has gained nearly 3 percent on year-to-date basis, including today’s surge.
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