Pfizer posts a positive result on coronavirus vaccine, stock jumps 11.5%
In early trading hours on Monday, Pfizer stock rose by 11.5% according to stock news following the announcement of its effective coronavirus vaccine.
The vaccine is primed for a review at the U.S. Food and Drug Administration and will take a while to be available.
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However, the Pfizer said will apply to the US Food and Drug Administration for emergency-use authorization. If the U.S. FDA grants the request, more vaccine shots will get out early.
The approval could come around the end of November.
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After two-stage trials, Pfizer says its vaccine is over 90% effective in preventing COVID-19 infection. A German biotech partner, BioNTech is the developer of the Pfizer coronavirus vaccine.
Pfizer’s stock made a medium leap to $41.58 a share, an 11.5% jump in pre-market trading from $36.40 at Friday’s closing rate.
According to Dr Albert Bourla’s, (chairman and CEO of Pfizer) statement to its investors: “Today is a great day for science and humanity.”
The vaccine which Pfizer announced is in its phase three trial and has an ability to prevent COVID-19 Bourla said. It was effective on participants without previous evidence of SARS-CoV-2 infection.
BioNTech also saw its shares soar by 23%.
The Stock Market
Before the news from Pfizer, the win by the president-elect of America, Joe Biden pushed activities to go bullish on the stock market. This has ignited hope in the market with Londons’ FTSE 100 up by 5.5%, Wall Street benchmark S&P 500 index up by 3.9%.
However, Nigel Green, the chief executive and founder of deVere Group, warns that it is important to wait until the vaccine is approved or denied.
He advises investors not to rush into buying everything and trade cautiously.
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