Pfizer Inc. (PFE stock and quote) jumps after covid vaccine news, but is vulnerable to competition
- NYSE: PFE is changing hands at around $40, the highest since January.
- Pfizer Inc. has announced its covid vaccine is 90% effective.
- Its immunization approach is used by competitors
The entire world is watching Pfizer Inc.(NYSE: PFE) after the earth-shattering announcement about is COVID-19 vaccine. The pharmaceutical behemoth has announced an efficiency rate of 90% in achieving immunization in its vaccine candidate. The release came after a broad Phase 3 trial conducted with Germany's BioNTech.
Pfizer is the first company in the Western world to announce a vaccine. Russia's President Vladimir Putin previously told the world that his country registered the world's fist immunization, yet skeptics noted a lack of transparency.
However, while PFE is quoted higher, there is room for falls due to competition. Pfizer uses the same approach as three competitors: Moderan, AstraZeneca, and Johnson&Johnson. The success of the New York-based firm bodes well for its competitors. Moreover, they are all conducting their own Phase 3 tests and may announce results shortly.
While having an array of vaccines is good news for humanity and for broader markets, it may hobble Pfizer's stock price.
See Covid Vaccine: Pfizer's success promising for three other efforts, rally may have only just begun
PFE Stock Quote
Pfizer Inc (NYSE: PFE) is quoted at $38.72 at the time of writing after hitting a high of $41.99, which serves as a new 52-week peak. Support is at $$36.40, which is the previous closing price. The battle for $40 remains of high importance.
The vaccine news has pushed aside speculation about how the US election results could shape stimulus and the fate of firms.
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Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
