Home Financial Markets Pfizer (PFE), BioNTech (BNTX) Rise On Vaccine Development, Tesla (TSLA), General Motors...

Pfizer (PFE), BioNTech (BNTX) Rise On Vaccine Development, Tesla (TSLA), General Motors (GM) Surged For S&P 500 News

BioNTech SE (BNTX) was up 4 percent while Pfizer Inc (PFE) rose 0.78 percent on Wednesday. American Pfizer and its German partner BioNTech, recently outperformed by Moderna Inc (MRNA) (-4.5 percent), revealed on Wednesday that their Covid-19 vaccine candidate was actually 95 percent successful, according to the final review of phase 3 clinical trials. In the coming days, both laboratories plan to file with the FDA an emergency authorization application in the United States.

Earlier this month, Pfizer and BioNTech revealed phase 3 intermediate results of their latest coronavirus vaccine that showed efficacy of more than 90 percent seven days after the second dose. Both groups have now completed their vaccine candidate Phase 3 study, meeting all of the key requirements for efficacy. For its part, according to preliminary results of its Phase 3.4 trial, Moderna announced on Monday a 94.5 percent efficacy of its vaccine candidate.

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In the coming days, Pfizer and BioNTech have stated that they plan to send their emergency marketing request to the FDA and exchange data with other regulatory agencies worldwide. In 2020, the partners expect to manufacture up to 50 million vaccine doses worldwide and up to 1.3 billion doses by the end of 2021.

On Wednesday, Tesla Inc (TSLA) continued its gain by rising 10.2 percent which has already boosted on Tuesday (up 8.2 percent at close) by the announcement of its forthcoming entry into the large S&P 500 index. The stock is rated favorable by Morgan Stanley, which has just lifted its recommendation from ‘Equal Weight’ to ‘Overweight’ and raised its price target from $360 to $540.

The Detroit automaker, General Motors Company (GM) added 1.76 percent on Wednesday as it is expected to unveil on Thursday details of a large strategy in the electric vehicle market to convince investors that it can be a better match to compete with Tesla. At least that’s what Reuters was told by people close to the situation.

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