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

Yohay Elam FXStreet

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.

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.

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