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Pfizer stock jumped Monday after its BioNTech The coronavirus vaccine in partnership with (BNTX) was shown to be over 90% effective in a phase 3 study.
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Pfizer (PFE) and BioNTech tested their experimental coronavirus vaccine in 43,538 participants who had not previously been exposed to SARS-CoV-2, the form of coronavirus that causes Covid-19. In the first interim analysis, conducted on Sunday, researchers found 94 confirmed cases of Covid-19.
Pfizer Managing Director Albert Bourla called today “a great day for science and humanity”.
“We are reaching this crucial milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals near overcapacity and economies struggling to open. “he said in a written statement.
In morning stock exchange trading today, Pfizer stock jumped 6.1% to nearly 38.60. The actions of partner BioNTech launched 11.3% near 102.40. Pfizer stock briefly broke a buy point at 39.55 on a flat basis.
The news also bolstered other coronavirus vaccine makers, including Modern (ARNM) and Translate Bio (TBIO). Shares rose 7% and 5.9% respectively. Novavax (NVAX) got a quick review of its coronavirus vaccine, and its shares rose 4.9%.
Coronavirus vaccine robs Pfizer stock
The 94 confirmed cases of Covid-19 were divided between participants who were vaccinated and those who received the placebo, Pfizer said in a press release. This places the efficacy rate above 90% one week after the second dose.
The coronavirus vaccine protected participants just 28 days after the first dose. So far, there have been no security issues. The next scan will take place when researchers find a total of 164 confirmed cases of Covid-19.
Pfizer plans to apply to the Food and Drug Administration for emergency authorization of the coronavirus vaccine shortly after passing a third safety step. This is scheduled for the third week of November.
Currently, Pfizer and BioNTech predict they can manufacture up to 50 million doses of the coronavirus vaccine in 2020 and up to 1.3 billion doses in 2021. The US government has reached an agreement with companies for 100 million doses of a coronavirus vaccine with an option to purchase an additional 500 million.
Christmas is coming early?
SVB Leerink analyst Geoffrey Porges predicted that Pfizer could obtain its emergency use authorization in early December. He could then start distributing the coronavirus vaccine in the middle of the month. By Christmas, people at high risk could receive the vaccine, he said in a report to customers.
“Pfizer’s supply will likely be limited until the first quarter of 2021 and then grow rapidly, and other vaccine companies are also expected to have their products available by the end of the first quarter or second quarter of next year. “Porges said.
The results set the bar high for other coronavirus vaccine makers, said Mani Foroohar, analyst at SVB Leerink, in a separate report. Mizuho Securities analyst Vamil Divan noted that the FDA previously set a bar of 50 percent effectiveness. The market widely expected Pfizer’s coronavirus vaccine to be 70% effective.
He estimates Pfizer could generate between $ 2 billion and $ 8.5 billion in coronavirus vaccine sales in 2020 and 2021 combined. The higher estimate is based on government commitments for over 450 million doses at $ 19.50 per dose.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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