Why Pfizer Shares Are Surging Today

Pfizer Inc (NYSE: PFE) is trading higher after the company announced its COVID-19 oral antiviral treatment candidate reduced risk of hospitalization or death by 89% in interim analysis of a Phase 2/3 study.

Pfizer said it will cease further enrollment into the study due to the overwhelming efficacy demonstrated in the results. Instead, the company plans to submit the data as part of its ongoing rolling submission to the U.S. FDA for Emergency Use Authorization as soon as possible.

“Today’s news is a real game-changer in the global efforts to halt the devastation of this pandemic. These data suggest that our oral antiviral candidate, if approved or authorized by regulatory authorities, has the potential to save patients’ lives, reduce the severity of COVID-19 infections, and eliminate up to nine out of ten hospitalizations,” said Albert Bourla, chairman and CEO of Pfizer.

Pfizer's oral COVID-19 treatment candidate, PAXLOVID, is specifically designed to be administered orally so that it can be prescribed at the first sign of infection or at first awareness of an exposure, potentially helping patients avoid severe illness which can lead to hospitalization and death.

See Also: Pfizer Touts Encouraging Data For Its COVID-19 Oral Antiviral, With 89% Reduction In Hospitalization, Death

PFE Price Action: Pfizer has traded as high as $51.86 and as low as $33.36 over a 52-week period.

The stock was up 10.10% at $48.28 at time of publication.

Photo: x3 from Pixabay.