Pfizer leaps 6% after releasing positive trial results for coronavirus vaccine

Pfizer NYSE
A logo for Pfizer is displayed on a monitor on the floor at the New York Stock Exchange (NYSE) in New York, U.S., July 29, 2019. Brendan McDermid/Reuters
  • Pfizer shares soared as much as 6% on Wednesday after the company announced positive early-stage trial results for its coronavirus vaccine.
  • The BNT162b1 drug successfully created antibodies in all participants receiving 10, 30, or 100 microgram doses.
  • Those taking two of the 10 or 30 microgram doses created between 1.8 and 2.8 times the antibodies seen in recovered COVID-19 patients, Pfizer said in a statement.
  • The pharmaceutical giant is one of several firms racing to introduce the first effective coronavirus vaccine, with Moderna, Gilead, and Novavax also conducting drug trials.
  • Watch Pfizer trade live here.
Advertisement

Pfizer shares leaped as much as 6% on Wednesday after the company revealed positive early-stage trial results for its coronavirus vaccine.

Pfizer's human trial involved 45 participants aged 18 to 55 receiving either 10, 30, or 100 microgram doses of the BNT162b1 vaccine or a placebo over a 21 day period. The compound successfully created antibodies for combatting the coronavirus in all participants receiving two of the 10 or 30 microgram doses, according to a Wednesday release.

Pfizer said patients created between 1.8 and 2.8 times the antibodies seen in those who have recovered from COVID-19. Those who received a single 100 microgram dosage created fewer antibodies, Pfizer said.

Read more: GOLDMAN SACHS: Buy these 15 super-cheap stocks now before their prices catch up to their strong growth and earnings prospects

Advertisement

"We are encouraged by the clinical data of BNT162b1, one of four mRNA constructs we are evaluating clinically, and for which we have positive, preliminary, topline findings," Kathrin Jansen, head of vaccine research and development at Pfizer, said in a statement. "We are dedicated to develop potentially groundbreaking vaccines and medicines, and in the face of this global health crisis, we approach this goal with the utmost urgency."

The pharmaceutical giant's potential vaccine is one of the most closely watched candidates in the sector. Several other firms including Moderna, Gilead, and Novavax are locked in the race to introduce the first effective compound for combating the coronavirus pandemic. Markets have repeatedly swung higher on positive trial news as investors grow more hopeful for a near-term cure.

Read more: Stock analysts are having a moment in the sun as the market gets flipped upside down. We spoke to 11 of the top-ranked on Wall Street to get their forecasts and single-stock picks.

Pfizer is working alongside German firm BioNTech to develop its coronavirus vaccine. The treatment remains under development and is not yet approved for distribution. Should it be approved, Pfizer aims to produce up to 100 million doses by the end of the year and potentially more than 1.2 billion doses through 2021.

Advertisement

Pfizer stock traded at $33.88 as of 10 a.m. ET, down 13% year-to-date.

Now read more markets coverage from Markets Insider and Business Insider:

Real-estate investor Joe Fairless breaks down how he went from 4 single-family rentals to overseeing 7,000 units worth $900 million — and outlines the epiphany that turbocharged his career

BlackRock says European stocks will beat their US peers going forward due to superior virus response

Advertisement

The Dow can hit 30,000 by 2021 if Republicans keep the Senate and the coronavirus is contained, Wharton professor Jeremy Siegel says

PFE
Markets Insider

Read next

Markets Wall Street PFE
Advertisement
Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.

Jump to

  1. Main content
  2. Search
  3. Account