Following the announcement about the COVID-19 vaccine, Pfizer stock soared. On Friday, it closed 1.18% up, at $36.07 per share. In the early trading today, Pfizer shares are as much as 1.55% up, at $36.63.
As the coronavirus vaccine race continues, biotech companies are intensifying their efforts to move their vaccine candidates through clinical trials and prove their safety and effectiveness. One of the race frontrunners, Pfizer Inc (NYSE: PFE) that is working in collaboration with German BioNTech SE (NASDAQ: BNTX), is now driving into Phase 3 clinical trials of the COVID-19 vaccine. As Pfizer CEO Albert Bourla said, they are planning to start distributing the drug to the U.S. before the end of this year.
Initially, Pfizer and BioNTech were planning to include up to 30,000 participants in the Phase 3 clinical trial of the COVID-19 vaccine. But on September 12, the companies announced they submitted an amended protocol to the FDA to expand the trial to up to approximately 44,000 participants. According to Pfizer, the expansion would allow the drugmakers to increase trial population diversity. It will include people as young as 16 years. Besides, the trial will enroll people with chronic, stable HIV (human immunodeficiency viruses), Hepatitis C, or Hepatitis B infection. In October, the company will receive the key data from the trial for the Food and Drug Administration (FDA). If safe and efficient, the vaccine will be available to the Americans in “hundreds of thousands of doses” before 2021.
Albert Bourla said:
“We have a good chance that we will know if the product works by the end of October. And then, of course, it is regulator’s job to issue a license or not.”
“I cannot say what the FDA will do, but I think is a likely scenario and we are preparing for it. Face the Nation. We started already manufacturing and we have already manufactured hundreds of thousands of doses, so just in case we have a good study readout, conclusive and FDA, plus the advisory committee feels comfortable, that we will be ready.”
Pfizer Stock Up in Pre-Market Being Boosted by the News about COVID-19 Vaccine
Following the announcement, Pfizer stock soared. On Friday, it closed 1.18% up, at $36.07 per share. After-hours, it rose further. In the early trading today, Pfizer shares are as much as 1.55% up, at $36.63. Pfizer’s market cap is $200.44 billion.
This year, Pfizer stock is 7.94% down. It has not rallied like other coronavirus stocks during the pandemic. However, the company stands a good chance of correction, as its COVID-19 vaccine candidate seems to be a promising one. In addition to showing positive results, Pfizer’s vaccine has drawn the attention of other governments. For example, the company signed a supply deal with the Japanese authorities. Withing the agreement, Pfizer will provide 120 million doses of its BNT162 MRNA based vaccine to Japan.
Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.