Pfizer News: PFE Stock Pops 2% on COVID-19 Vaccine Trial Approval

Pfizer is working with BioNTech on the vaccines

Pfizer (NYSE:PFE) news for Wednesday includes approval for a vaccine trial to treat the novel coronavirus boosting PFE stock up.

Pfizer News: PFE Stock Pops 2% on COVID-19 Vaccine Trial Approval
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According to a Pfizer news release, the company is working alongside BioNTech (NASDAQ:BNTX) to develop vaccines for the coronavirus. This has them developing four vaccines under the BNT162 program.

The clinical trial approval comes from Paul-Ehrlich-Institut, a regulator of medicine in Germany. This approval will allow Pfizer and BioNTech to start Phase 1 and 2 clinical trials for the coronavirus vaccines.

Ugur Sahin, co-founder and CEO of BioNTech, said this about the news with Pfizer.

“We are pleased to have completed pre-clinical studies in Germany and to have received this important regulatory approval to initiate this first-in-human trial. The speed with which we were able to move from the start of the program to regulatory approval to initiate this first-in-human trial speaks to the high level of engagement from everyone involved.”

The Pfizer news release notes that the company doesn’t plan to stop with clinical trials in Germany. It’s also on its way to starting trials in the U.S. as well. The company says it’s close to getting approval for similar trials from U.S. regulators.

It’s also worth pointing out that BioNTech is developing the vaccines in other countries too. It’s working with Fosun Pharma (OTCMKTS:SFOSF) to develop the vaccines in China.

PFE stock was up 1.8% and BNTX was up 26.6% when markets closed Wednesday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/04/pfizer-news-props-up-pfe-stock/.

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