Why Pfizer Stock Slumped on Friday
In the thick of the coronavirus pandemic several years ago, any positive news from a developer of COVID-19 vaccines or drugs would have been met with a surge of buying in its stock. We're not in 2021 anymore, though, and an encouraging development from (NYSE: PFE) on a combination COVID/influenza jab was met with a collective shrug by the market. In fact, investors traded out of the stock to the point that its price fell by 1.4%, comparing unfavorably to the 0.2% rise of the S 500 index on the day.
Before market open, Pfizer and BioNTech, the co-developer of its hugely popular Comirnaty COVID shot, published an update on that combination vaccine.
A phase 3 clinical trial involving patients aged 18 to 64 met one of its two primary endpoints, with the combination vaccine successfully achieving immunogenicity against the SARS-CoV-2 virus strain that causes COVID. However, it fell short of doing so for both influenza A and influenza B, producing insufficient immune response for the latter. In their joint press release, the companies quoted Pfizer's head of vaccine research, Annaliesa Anderson, as saying:
Source Fool.com
Pfizer Inc. Stock
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As a result the target price of 41 € shows a very positive potential of 59.78% compared to the current price of 25.66 € for Pfizer Inc..
