Pfizer (PFE), BioNTech (BNTX) rally amid COVID-19 vaccine hopes, stir other stocks
|- Pfizer and BioNTech have reported early yet promising results in developing a coronavirus vaccine.
- Both NYSE:PFE and NASDAQ: BNTX are rallying in response.
- The broader stock market also received a boost in response to the promising development.
Pfizer Inc, NYSE: PFE, and BioNTech SE - ADR NASDAQ: BNTX are on the rise by tackling the most burning problem in the world – COVID-19. Scientific journal STAT reported that an initial trial held by both pharma companies was successful in creating antibodies among subjects.
The two companies tested four different vaccines among a large field of 30,000 healthy people in the US and Europe and will now continue with the next phases of trials, using the most successful solutions.
In a joint statement, Pfizer and BioNTech committed to producing a vaccine en masse – reaching over one billion in 2021.
S&P futures moved from being mixed to rising in response to the news that provides hope. It is essential to note that similar announcements by companies such as Moderna and Inovio have previously stirred markets.
Pfizer Stock Price
NYSE: PFE is trading around $34, kicking off trading on Wednesday to the upside. It previously topped $35 and remains well above Tuesday's closing price of $32.69.
The major pharmaceutical firm, based in New York, is famous for its erectile dysfunction drug but has a vast stock of medications. Gaining success – even if one shared with another firm – would solidify its position among its peers.
BioNTech comes to the COVID-19 front
BioNTech is a lesser-known company from Germany. The relatively young company was founded in 2008, at the height of the previous crisis, and trades under NASDAQ: BNTX.
Trading at BioNTech was halted after the announcement and for a good reason – BNTX shares leaped over 10% to kick off trading above the $76 price level before it eased back below $70. Nevertheless, the shares trade above the previous close levels.
Fighting coronavirus puts BioNTech in the spotlight and could allow it to grow. Other products may gain exposure.
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