The stocks of PFE climbed much higher on Tuesday after the FDA went ahead and decided to authorize the use and production of the coronavirus vaccine. In one of the documents from the FDA, it was mentioned that the vaccine had met the criteria prescribed for success. The department did go ahead and posted the documents before the meeting with the advisory committee. The committee is going to meet the next Thursday- so that they can come to a resolution regarding the pros and cons of the coronavirus vaccine. Then, they would be voting whether to provide it with authorization.
While the vote from the committee isn’t technically binding, they do carry a little weight in the department. Vamil Divan of Mizuho Securities believes that the FDA will definitely grant the vaccine authorization for an emergency period. This allows the PFE vaccine to be sold during emergencies.
PFE Stock: Vaccine Is Highly Effective
The stock market today reflected a rise of 3.2% in the stocks of PFE, whereas BioNTech added around 1.9% to 128.11. In the last trial, the company did mention that the vaccine was close to 95% effective. The efficacy rate completely blew past the requirements set at 50% effectiveness. Most experts expected the effectiveness of around 70%. This shocking increase in the efficacy of the Pfizer vaccine has led to the company gaining a stock increase of 13.3%.
This PFE vaccine will be given to the patients in two different doses. The effectiveness of the vaccine increases by around 98%-99% if caution is exercised by the patient for up to 3 weeks. Since the efficacy rate was discovered early, the stocks of Pfizer went up by 13.3%.