PFE Stock Price: Pfizer Inc continues to dip despite record COVID-19 cases in the US

NYSE: PFE fell by 0.74% during Wednesday’s trading session.
Vaccine stocks were mixed despite record cases around the world.
Double dose of the Pfizer vaccine is shown to be 70% effective against the Omicron variant.

Stocks Reporter FXStreet

NYSE:PFE continued its recent struggles on Wednesday as the stock fell for the second consecutive session despite record cases of COVID-19 surfacing around the world. Shares of Pfizer fell by 0.74% and closed the trading day at $57.58. The US markets traded mostly flat on Wednesday as the NASDAQ was once again the only major index to close the day in the red. The Dow Jones added 90 basis points while the S&P 500 0.14% as both indices closed the session at fresh new record highs once again.

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Vaccine stocks also continued to pull back despite the rapid spread of the Omicron and Delta variants across the US. Both Pfizer and its vaccine production partner BioNTech (NASDAQ:BNTX) were trading lower on Wednesday, while other vaccine producers like Moderna (NASDAQ:MRNA) and Johnson & Johnson (NYSE:JNJ) were above water. Moderna appeared to be trading lower once again in the morning, but managed to rally into the closing bell. The gain snapped Moderna’s recent seven-day slide, although shares are still down 30% over the past month.

Pfizer stock forecast

Early research has shown that a double dose of the Pfizer vaccine is up to 70% effective against the Omicron variant. While studies have not shown how effective a third booster shot will be, chances are the efficacy of the shots will rise above 70%. Pfizer is preparing more doses to be shipped worldwide in anticipation of high demand for boosters, as well as its recently approved antiviral pill that is already being delivered to some markets around the world.

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Stocks Reporter

FXStreet

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