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Pfizer (PFE) jumps 2% after FDA approves Covid pill

By Robert Davis

20:35, 22 December 2021

Bottle of Pfizer-BioNTech Covid-19 vaccine with Pfizer trademark
Pfizer stock up after FDA approval of Covid pill - Credit: Shutterstock

The stock of vaccine manufacturer Pfizer Corporation jumped 2% to $60.53 by 16:25 UTC on Wednesday after the US Food and Drug Administration (FDA) approved its Covid treatment pill.

Pfizer’s stock has gained more than 15% over the last month and is up more than 50% over the last six months.

FDA approval

The FDA issued an emergency use authorisation for Pfizer’s Paxlovid pill on Wednesday, saying the drug is safe for people aged 12 years and over to use.

The agency also said the pill is not authorised for pre-exposure or post-exposure prevention of Covid-19, nor is it a substitute for getting vaccinated.

Instead, the FDA said Paxlovid is available by prescription only and should be taken within five days of developing symptoms.

Dr. Patrizia Cavazzoni, the FDA’s director for drug evaluation and research, described the authorisation as “a major step forward in the fight against this global pandemic.”

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“This authorisation provides a new tool to combat Covid-19 at a crucial time in the pandemic as new variants emerge and promises to make antiviral treatment more accessible to patients who are at high risk for progression to severe Covid-19,” Cavazzoni said.

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Other vaccine manufacturers

The FDA’s announcement also helped Pfizer outperform peer companies like Moderna, Johnson & Johnson, and Merck during Wednesday’s trading session.

Moderna suffered the toughest loss of the day, losing more than 6% in value to $249.44.

Johnson & Johnson and Merck both rose slightly by 0.22% and 0.7%, respectively, on the day.  J&J finished trading at $167.53, while Merck closed out at $76.06.

Read more: AstraZeneca sees rise in revenue but delays Covid-19 vaccine delivery

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Pfizer Inc (Extended Hours)
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-1.49 -4.900%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
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CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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