Pfizer jumps 6% to eclipse record high reached in 1999 as strength from COVID-19 vaccine continues
- Shares of Pfizer surged as much as 6% on Tuesday to surpass its record all-time-high reached in 1999.
- Pfizer hit a high of $48.57 on Tuesday, more than a dollar over its previous record of $47.39.
- The pharmaceutical giant has seen its revenue soar on the strength of its COVID-19 vaccine.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Shares of Pfizer surged as much as 6% on Tuesday to a record all-time-high, surpassing its previous record reached in April of 1999.
The move higher in Pfizer comes amid ongoing strength of its COVID-19 vaccine, which was developed by its partner, BioNTech. Second-quarter earnings results from BioNTech on Monday revealed their view that demand for its COVID-19 vaccine will be strong into 2022 and beyond.
The COVID-19 vaccine has helped Pfizer grow its revenue by 61% in the second-quarter to nearly $19 billion. That revenue could continue to grow as vaccines are approved for children, and the potential for a third booster shot is explored.
Shares of Pfizer jumped to a high of $48.57 on Tuesday, more than a dollar higher than its previous record of $47.39. Year-to-date, shares of Pfizer are up as much as 35%.
The move to new record highs for Pfizer could signal significant upside potential in the stock as it breaks out of a 22-year old base. With no resistance levels above it, the stock has room to rise into unchartered territory and continue to trend higher.
The 161.8% fibonacci extension of Pfizer's 1999 high and 2009 low suggest an initial price objective of about $70, representing potential upside of 44% from current levels. Technical analysts would likely wait for a confirmation in the breakout of Pfizer, defined by consecutive daily closes above its 1999 record high, before entering long.
Pfizer isn't the only stock benefiting from its COVID-19 success. Shares of Moderna have soared to a valuation of nearly $200 billion and is now worth more than Merck as it sees revenue explode from its vaccine sales.
