Pfizer leaps 6% after releasing positive trial results for coronavirus vaccine
- Pfizer shares soared as much as 6% on Wednesday after the company announced positive early-stage trial results for its coronavirus vaccine.
- The BNT162b1 drug successfully created antibodies in all participants receiving 10, 30, or 100 microgram doses.
- Those taking two of the 10 or 30 microgram doses created between 1.8 and 2.8 times the antibodies seen in recovered COVID-19 patients, Pfizer said in a statement.
- The pharmaceutical giant is one of several firms racing to introduce the first effective coronavirus vaccine, with Moderna, Gilead, and Novavax also conducting drug trials.
- Watch Pfizer trade live here.
Pfizer shares leaped as much as 6% on Wednesday after the company revealed positive early-stage trial results for its coronavirus vaccine.
Pfizer's human trial involved 45 participants aged 18 to 55 receiving either 10, 30, or 100 microgram doses of the BNT162b1 vaccine or a placebo over a 21 day period. The compound successfully created antibodies for combatting the coronavirus in all participants receiving two of the 10 or 30 microgram doses, according to a Wednesday release.
Pfizer said patients created between 1.8 and 2.8 times the antibodies seen in those who have recovered from COVID-19. Those who received a single 100 microgram dosage created fewer antibodies, Pfizer said.
"We are encouraged by the clinical data of BNT162b1, one of four mRNA constructs we are evaluating clinically, and for which we have positive, preliminary, topline findings," Kathrin Jansen, head of vaccine research and development at Pfizer, said in a statement. "We are dedicated to develop potentially groundbreaking vaccines and medicines, and in the face of this global health crisis, we approach this goal with the utmost urgency."
The pharmaceutical giant's potential vaccine is one of the most closely watched candidates in the sector. Several other firms including Moderna, Gilead, and Novavax are locked in the race to introduce the first effective compound for combating the coronavirus pandemic. Markets have repeatedly swung higher on positive trial news as investors grow more hopeful for a near-term cure.
Pfizer is working alongside German firm BioNTech to develop its coronavirus vaccine. The treatment remains under development and is not yet approved for distribution. Should it be approved, Pfizer aims to produce up to 100 million doses by the end of the year and potentially more than 1.2 billion doses through 2021.
Pfizer stock traded at $33.88 as of 10 a.m. ET, down 13% year-to-date.
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