As per the recent report, Pfizer (NYSE: PFE) will likely be the first vaccine to reach the market. This one is the most heavily anticipated candidate by far is BNT162b2, the COVID-19 vaccine developed in partnership with German biotech BioNTech.
On Wednesday, the regulators in the United Kingdom have approved Pfizer's vaccine for use. So far, the UK has ordered 40 million doses of the Pfizer/BioNTech jab - enough to vaccinate 20 million people. The company also submitted a request to the FDA for Emergency Use Authorization (EUA) of their mRNA vaccine candidate.
The Pfizer vaccine appears 95% effective at preventing mild to severe COVID-19 disease in a large. Pfizer has a $1.95 billion agreement with the U.S. government to supply 100 million doses of the vaccine, with an option for another 500 million.
Few notable financial market movements after the recent positive vaccine news
- Oil prices hit 8-month high
- US stock market index Dow Jones climbed to the highest levels in eight months and hit the milestone 30000 during the previous week.
- Gold price posted the biggest daily decline in over seven years.
Pfizer (NYSE: PFE) technical outlook
In the short term, the stock can push further up continuing the uptrend with the first potential target should be $42.30 followed by $44 where the stock has strong resistance. On the flip side, any pullback might now be seen as a buying opportunity. The expected trading range for the next two weeks is between $35 supports and $44 resistances. In the long term, there are chances the stock may eventually rise to an all-time high of $50.03 but anyway it depends upon the FDA approval and successful vaccine distribution.
Other Biotech Stocks to Watch during COVID-19 vaccine race
- Moderna (NASDAQ: MRNA): Moderna was the first drugmaker with an experimental COVID-19 vaccine to begin clinical testing in humans in the U.S. On November 17, Moderna announced the Phase 3 study of mRNA-1273. The trial has met the statistical criteria pre-specified in the study protocol for efficacy, with a vaccine efficacy of 94.5%. The stock made a spectacular long-term price rally from $17.68 on January 7, 2020, to $178 on December 01, 2020, and up by more than 700% this year.
- AstraZeneca (NASDAQ: AZN): Last week British Pharmaceutical giant AstraZeneca (NASDAQ: AZN) joined the lead for vaccine development and the company reported the late-stage trials showed its COVID-19 vaccine was highly effective. AstraZeneca’s vaccine, called AZD1222, is based on time-tested technology that has been genetically modified to stimulate an immune response against the coronavirus.
- Inovio Pharmaceuticals (NASDAQ: INO): The stock climbed more than 18% on last Friday after the company moves ahead with a phase 2 study, the phase 2 segment will evaluate the efficacy of Covid-19 DNA vaccine candidate called INO-4800 in adults in the US.
- Novavax (NASDAQ: NVAX): After few week’s downsides move the stock finally found a bottom after the FDA has granted Fast Track Designation for NVX-CoV2373, the company’s COVID-19 vaccine candidate. $NVAX is up 2,200% since the beginning of the year and closed 22% higher last Friday.
The next coming weeks would be critical in determining whether the pharmaceutical giant will receive the FDA approval or not. The FDA is expected to review Pfizer’s vaccine when its Vaccines and Related Biological Products Advisory Committee next meets on Dec. 10.
On the other hand, the big question is how they are going to handle the vaccine distribution especially reaching rural populations and those without regular access to health care will be difficult. Cold storage has been discussed as a problem for distribution, but Pfizer, specifically, has come out and stated they have special packaging that will keep vaccines cold for weeks. It can be stored at 36 to 46 degrees Fahrenheit and can last nearly 30 days in the fridge. While other companies including Moderna, their cold storage requirements are a bit easier.
Recently, Dr Scott Chavers with Mobile County Health Department said, “Once FDA does grant approval for the use of the vaccines, they would be immediately ready for distribution,” The Mobile County Health Department is in the process of ordering a freezer that could handle 200,000 doses.
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