Pfizer share price zooms over 19% to new 52-week high on COVID-19 vaccine news; rallies 63% since March

Pfizer share price zoomed 19.5 per cent to scale to a fresh 52-week high of Rs 5,875 apiece in intraday on BSE, after the company along with German drugmaker BioNTech SE said that their vaccine candidate was found to be more than 90 per cent effective in preventing COVID-19, based on initial data from a large study. The stock has rallied 63.73 per cent from its March low of Rs 3,588.15 apiece. The COVID-19 vaccine news fueled a rally across global stock markets. Pfizer also indicated that the company is on track later this month to file an emergency use application with US regulators. “Pfizer stock moved up due to positive commentary on Corona vaccine. Its future move depends on the success of this vaccine. Successful launch of such vaccine by any pharma would be a big game-changer for that company,” Mitul Shah, Head of Research at Reliance Securities, told Financial Express Online.

Pfizer shares ended 2.66 per cent up at Rs 5,048.45 apiece on BSE, as compared to a 1.60 per cent rise in S&P BSE Sensex. The company in its press release said that along with the efficacy data generated from the clinical trial, Pfizer and BioNTech are working to prepare the necessary safety and manufacturing data to submit to the FDA to demonstrate the safety and quality of the vaccine product produced. “The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19,” said Dr. Albert Bourla, Pfizer Chairman and CEO.

It may be noted that another US company, Moderna Inc, also has said it hopes to be able to file an application with the Food and Drug Administration later this month. The company in its statement said the Phase 3 clinical trial of BNT162b2 began on July 27 and has enrolled 43,538 participants to date, 38,955 of whom have received a second dose of the vaccine candidate as of November 8, 2020. “We are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global health crisis. We look forward to sharing additional efficacy and safety data generated from thousands of participants in the coming weeks,” Bourla said.