Shares of both Pfizer Inc. (NYSE: PFE) and BioNTech S.E. (NASDAQ: BNTX) exploded on Monday after these companies provided an update on their coronavirus vaccine. In short, the efficacy noted in their most recent late-stage study was incredible. The impact of this news was seen across the market.
Note that all of this is based on the first interim efficacy analysis by an independent Data Monitoring Committee (DMC) for the Phase 3 clinical study.
In terms of the specifics, the mRNA-based vaccine candidate, BNT162b2, demonstrated evidence of efficacy against COVID-19 in participants without prior evidence of SARS-CoV-2 infection. Not only this, but the vaccine candidate was found to be over 90% effective in preventing COVID-19.
The study enrolled 43,538 participants, with 42% having diverse backgrounds. At the same time, no serious safety concerns were observed.
The next step is for the firms to submit an Emergency Use Authorization (EUA) to the U.S. Food and Drug Administration (FDA). This is expected to occur in the third week of November.
Management touted this as a victory for innovation, and this first interim analysis provides evidence that a vaccine may effectively prevent COVID-19.
Pfizer traded up more than 12% to $40.98 just after the opening bell. The 52-week range is now $27.88 to $41.95, and the consensus price target is $41.56.
BioNTech stock traded at $110.43, about a 20% gain, in a new 52-week range of $17.07 to $115.00. Analysts have a consensus price target of $81.89.