Efficacy in Pfizer and BioNTech COVID-19 Study Rocks the Market
Pfizer and BioNTech stocks both exploded on Monday after these companies provided an update on their coronavirus vaccine.
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Shares of both Pfizer Inc. (NYSE: PFE | PFE Price Prediction) 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.
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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.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
