Pfizer Inc PFE and partner BioTech SE BNTX reported interim analysis of a Phase 3 study on coronavirus candidate BNT 162b2.
The trial showed a 90% efficacy rate at the seven-day mark after a second dose of the vaccine was applied.
The trial began July 27 and the companies have enrolled 35,358 healthy volunteers in the trial.
The overall market is surging on the news, with the SPDR S&P 500 Trust ETF SPY up 5% to $366.29 in pre-market trading. Dow futures are set to soar 5%, or about 1,300 points.
Related Link: Pfizer-BioNTech's COVID-19 Vaccine Is 90% Effective, EUA Filing Likely By Late November
Joe Biden’s Reaction: In a statement, president-elect Joe Biden said he was informed last night of the study results. He reminds Americans that it could be months before approval and people have access to the vaccine.
“I congratulate the brilliant women and men who helped produce this breakthrough and to give us such cause for hope," he said.
While staying positive, Biden also took the time to remind Americans to wear masks, practice social distancing and wash their hands.
“A mask remains a more potent weapon against the virus than the vaccine.”
Biden also said America is losing over 1,000 people a day to Covid-19 and cases are rising.
“Today’s news is great news, but it doesn’t change that fact,” Biden said on wearing masks.
Donald Trump’s Reaction: President Donald Trump took to Twitter to say the following:
STOCK MARKET UP BIG, VACCINE COMING SOON. REPORT 90% EFFECTIVE. SUCH GREAT NEWS!
— Donald J. Trump (@realDonaldTrump) November 9, 2020
Trump’s first comment on the vaccine news was the impact it;s having on the stock market.
The tweet from Trump broke a string of tweets from last night that shared Fox News videos that were labeled by Twitter as “this claim about election fraud is disputed.”
What’s Next: Pfizer will continue safety data on the trial. The company plans on submitting the vaccine for emergency use authorization.
Pfizer said it can produce up to 50 million vaccines in 2020 and up to 1.3 billion doses in 2021.
Shares of Pfizer are up 14% to $41.65 in pre-market trading. Shares of BioNTech are up 25% to $114.88 in pre-market trading.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
