Shares of BioNTech (NASDAQ:BNTX) stock are soaring to start the day on Monday, and it seems that BNTX stock is leading all of Wall Street higher.
The rise comes after BioNTech and fellow pharmaceutical giant Pfizer (NYSE:PFE) announced early results from the duo’s Phase 3 trial for a novel coronavirus vaccine. That said, the report included the fact that the vaccine was more than 90% effective in preventing Covid-19 — a major victory. Also, this news means that the two companies are the first to show successful data from a large-scale clinical trial of a coronavirus vaccine.
Moreover, here are a few other things to know about the BNTX stock announcement:
- BioNTech and Pfizer said they have so far found no serious safety concerns.
- The two drug manufacturers also stated that they will seek emergency-use authorization from the U.S. Food and Drug Administration.
- If authorized, the number of vaccine doses will initially be limited. Additionally, Pfizer will likely focus on the emergency use in the U.S to be for people ages 16 to 85.
- Overall, the analysis evaluated 94 confirmed cases of Covid-19 in trial participants.
Professor Ugur Sahin, co-founder and CEO of BioNTech, had this to say about the BNTX stock news:
“The first interim analysis of our global Phase 3 study provides evidence that a vaccine may effectively prevent COVID-19. This is a victory for innovation, science and a global collaborative effort. When we embarked on this journey 10 months ago this is what we aspired to achieve. Especially today, while we are all in the midst of a second wave and many of us in lockdown, we appreciate even more how important this milestone is on our path towards ending this pandemic and for all of us to regain a sense of normality.”
BNTX stock was up 8.7% as of Monday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.