Pfizer’s stock soars to a 20-year high as vaccine makers’ stocks rise.

  • Pfizer shares closed up 4.9 percent at $48.25, having climbed as high as $48.57 earlier in the session, according to FactSet.
  • The previous intraday high for the stock was $47.44, which was achieved on April 12, 1999.
  • Pfizer increased its sales projection for its COVID-19 vaccine by 29 percent to $33.5 billion in late July, bringing the company’s total forecast for the year 2021 to $33.5 billion.
Pfizer's stock soars
Pfizer logo is reflected in a drop on a syringe needle in this illustration photo taken March 16, 2021. — Reuters/File


Pfizer’s stock soars to a 20-year high on Tuesday, as shares of coronavirus vaccine makers soared as the number of coronavirus infections in the United States continued to rise.

Pfizer shares closed up 4.9 per cent at $48.25, having climbed as high as $48.57 earlier in the session, according to FactSet. The previous intraday high for the stock was $47.44, which was achieved on April 12, 1999.

With the percentage increase, the stock had its best one-day gain since November 9, when Pfizer announced encouraging results for its COVID-19 vaccine.

According to Jeff Jonas, portfolio manager at Gabelli Funds, which holds Pfizer stock, “I believe they are now getting credit for the vaccine.”

While investors had previously viewed the vaccine as “a one-time cash infusion,” Jonas stated that “it is truly going to be a durable business, regrettably.” He added that Pfizer should be able to adapt the vaccine’s technology to combat other types of sickness in the future.

Bangladesh and Russia agree to co-produce Covid vaccine while India suspends shipments

While Pfizer’s stock soars, and shares of another coronavirus vaccine producer, Moderna Inc., have also been rising in recent weeks.

The stock of Moderna Pharmaceuticals fell by 4% on Tuesday, although it has gained more than 78 percent since mid-July when S&P Dow Jones Indices announced that the biotech company’s stock will be included in the benchmark S&P 500 index.

The shares of BioNTech, Pfizer’s vaccination partner in Germany, fell more than 5 percent on Tuesday, but have gained more than 30 percent so far this month on the New York Stock Exchange.

On Tuesday, shares of Novavax, which had previously announced a delay in the release of its COVID-19 vaccine, were up 11 percent on the news.

A six-month peak in coronavirus infections and hospitalizations has been reached in the United States as a result of the rapid spread of the Delta variant coronavirus.

According to Peter Tuz, president of Chase Investment Counsel and a shareholder in Pfizer, “the Delta variant has scared a lot of people into becoming immunised.”

Pfizer increased its sales projection for its COVID-19 vaccine by 29 percent to $33.5 billion in late July, bringing the company’s total forecast for the year 2021 to $33.5 billion.

Pfizer will be able to use the cash flow from the vaccine “for both internal research and development as well as acquisitions to enhance their pipeline,” according to Ashtyn Evans, a healthcare analyst at Edward Jones.

ianews

IA NEWS | International Affairs News where you get news and blogs about International Politics, the United States and Global World and information related to Sports, Entertainment, Business, Defense and Technology.

Leave a Reply

Your email address will not be published. Required fields are marked *