Shares of Pfizer Inc. (NYSE: PFE) traded up 2.61% after gaining +0.94 on Monday as it may be the first to disclose the late-stage study result from its trials with partner BioNTech SE. Pfizer Inc. is currently conducting one of the most advanced trials of a vaccine for novel coronavirus.
It has commenced the Phase 2/3 study of BNT162b2, a most advanced coronavirus vaccine candidate in July. Almost 30,000 participants were enrolled in the trial who received two doses of the vaccine candidate.
Pfizer CEO Albert Bourla revealed that the FDA committee will gather to discuss vaccines on Oct 22. CEO said that the company has a deep understanding of this matter and it will be able to present the efficacy data of Phase 3 before the end of October.
He said that the company is not bound to any deadline. Albert Bourla said that FDA is searching for companies to review their vaccines that are at least 50% effective. Pfizer is hoping for a better result as its Phase 3 trial with 30,000 people is almost completed.
Goldman Sachs labeled this a vaccine trade as the investors were attracting towards stocks that were developing a vaccine or any treatment of diseases and they dumped the stock soon after hearing the good news. The same thing happened with Gilead Sciences as its shares tumbled down after it has got the regulatory approval for its antiviral medicine of COVID-19.
Pfizer Inc. (NYSE: PFE) share price went from a low point around $27.88 to briefly over $40.97 in the past 52 weeks, though shares have since pulled back to $37.01. Pfizer Inc. has moved up 32.75% from its 52-weeks low and moved down -9.67% from its 52-weeks high. Pfizer Inc.’s market cap has remained high, hitting $203.27 billion at the time of writing. If we look at its liquidity, it has a current ratio of 1.40.
Pfizer Inc and BioNTech SE have recently disclosed that they striving to secure the approval of the US FDA to expand the late-stage clinical trial of their COVID-19 vaccine. Earlier, Pfizer has enrolled the 30,000 participants in the trial but now it is looking for the trial which will enroll 44,000 volunteers as the company is trying to add the young population in the late-stage study.
Previously, the US Government has revealed that it would pay $1.95 billion to companies for the supply of 100 million doses of vaccine if it received regulatory approval. CEO Pfizer also disclosed that the company has invested $1.5 billion for the development of a vaccine and if the trial is not successful it is painful for the company.