Pfizer shares hit record high with COVID-19 vaccine stocks on a tear

NEW YORK, Aug. 10 (Reuters) – Shares of Pfizer Inc (PFE.N) hit an all-time high on Tuesday for the first time in more than 20 years as shares of COVID-19 vaccine makers surged amid the increase in coronavirus cases in the United States.

Pfizer shares were up 4.9% to $ 48.25, climbing to $ 48.57 during the session. The stock’s previous intraday high was $ 47.44, reached on April 12, 1999.

The percentage gain was the biggest one-day increase in the stock since November 9, when Pfizer released positive data for its COVID-19 vaccine.

“I think they’re finally getting the credit for the vaccine,” said Jeff Jonas, portfolio manager at Gabelli Funds, which owns Pfizer shares.

While investors had previously treated the vaccine as “a one-time cash injection … it will really be a sustainable business, unfortunately,” Jonas said, adding that Pfizer should be able to leverage the vaccine’s technology for use. against other types of the disease as well.

Pfizer’s share gains come as those of another coronavirus vaccine maker, Moderna Inc (MRNA.O), were also in tears.

While Moderna shares were down 4% on Tuesday, they have climbed 78% since mid-July, when S&P Dow Jones Indices announced it was adding shares of the biotech company to the benchmark. S&P 500 (.SPX). Read more

U.S.-traded shares of Pfizer’s vaccine partner Germany’s BioNTech (22UAy.DE) fell more than 5% on Tuesday, but climbed about 30% this month.

Shares of Novavax (NVAX.O), which last week delayed its schedule for its COVID-19 vaccine, rose 11% on Tuesday. Read more

The rapid spread of the Delta variant of the coronavirus has pushed cases and hospitalizations in the United States to a six-month high. Read more

“The Delta variant has scared a lot of people into getting vaccinated,” said Peter Tuz, chase investment counsel president and investor in Pfizer.

In late July, Pfizer raised its 2021 sales forecast for its COVID-19 vaccine by 29% to $ 33.5 billion. Read more

Ashtyn Evans, healthcare analyst at Edward Jones, said Pfizer will be able to use vaccine cash flow “both for internal research and development and for acquisitions to strengthen their pipeline.”

Additional reporting by Noel Randewich in San Francisco; Reporting by Lewis Krauskopf Editing by Marguerita Choy

Our Standards: The Thomson Reuters Trust Principles.