MGM Stock Price and Quote: MGM Resorts International hits the jackpot after COVID-19 vaccine news
- NYSE:MGM skyrockets as investors place their hope in a COVID-19 vaccine for a return to normalcy.
- MGM is banking on its BetMGM app to take advantage of the booming sports betting industry.
- MGM should reap the benefits of global travel restrictions potentially loosening.
NYSE:MGM investors have finally seen the surge they have been waiting for as the stock gained 14.90% on Monday, to close the first trading session of the week at $25.30. Shares of the long-time hotel and casino company are still down nearly 30% on the year but up 328% since the 52-week lows of an incredible $5.90, which came at the height of the current pandemic. The stock is now trading back over its 50-day and 200-day moving averages and bargain investors may have missed their opportunity to grab shares of MGM at a cheaper price tag.
The announcement on Monday by Pfizer (NYSE:PFE) regarding the efficacy of its COVID-19 vaccine candidate final-stage trial results are impressive and sent the global financial markets soaring. The report claims that BNT162b2, the vaccine co-produced by Pfizer and BioNTech (NASDAQ:BNTX), has an efficacy rate north of 90% after a seven-day, two-dose regimen. The two biotech giants have confirmed that the first 50 million doses will be ready for distribution in 2020, while an additional 1.3 billion doses will be available in 2021.
MGM Stock Predictions
The news came as music to the ears of investors as travel and entertainment industries have been some of the hardest-hit throughout the pandemic. MGM has resorts and casinos all over the globe and should welcome a loosening of travel restrictions for people who are waiting to go on vacation. The recently released BetMGM app should also act as a long-term revenue stream, as the Nevada-based company attempts to capitalize on the mobile sports betting industry.
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Stocks Reporter
FXStreet
