Why Pfizer, BioNTech, and Moderna Stocks Jumped Today
The U.S. Food and Drug Administration (FDA) approved Comirnaty -- the COVID-19 vaccine co-developed by Pfizer (NYSE: PFE) and BioNTech (NASDAQ: BNTX) -- for use in people aged 16 and older on Monday. The news drove shares of Pfizer and BioNTech up 2.5% and 9.6%, respectively. Fellow vaccine maker Moderna (NASDAQ: MRNA) also saw its stock price surge 7.6%.
The decision marks the first time the FDA has granted full approval for a COVID-19 vaccine. Previously, Pfizer's and BioNTech's vaccine was being administered under an emergency use authorization. Moderna's and Johnson & Johnson's drugs have also received an EUA.
The approval comes at a time when COVID-19 cases counts are surging, driven in part by new coronavirus mutations such as the delta variant.
Source Fool.com
