Pfizer stock jumps, Moderna, Merck tumble
Pfizer shares seeing best percentage gain since March of 2009.
Pfizer dialed up the vaccine wars on Friday after disclosing its oral pill for COVID-19 is 89% effective in preventing hospitalization.
Shares are on track for the largest percent increase since March of 2009, as tracked by Dow Jones Market Group. Roughly $30 billion in market value has been created for the pharma maker just today on the promise of the treatment.
Pfizer CEO Albert Bourla FOX Business' Neil Cavuto the medical tool is a "game-changer" for COVID-19 patients and should get fast approval.
"I can't speak about how long FDA will take, but I can tell you that we will submit that before the end of the month, likely before Thanksgiving. Then it's up to them to give the approval. I suspect that they will do it quickly. So sometime in December, we will have already this year a few million pills" he detailed.
Pfizer's news comes after the Biden administration ordered businesses with over 100 workers to institute vaccine mandates set to begin on Jan. 4, 2022.
BIDEN ADMIN CONSIDERING VACCINE MANDATE FOR BUSINESSES WITH FEWER THAN 100 EMPLOYEES
As Pfizer makes strides, other vaccine players are losing ground.
Rival Merck, which has a competing COVID-19 treatment, is on pace for the biggest one-day decline since January of 2005.
CLICK HERE TO READ MORE ON FOX BUSINESS
|MRK||MERCK & CO. INC.||103.47||-0.77||-0.73%|
Moderna earlier this week cut its full fiscal year 2021 forecast for COVID-19 vaccine deliveries. Shares remained under pressure.
"Key variables impacting output include longer delivery lead times for international shipments and exports that may shift deliveries to early 2022, temporary impact from expansion of fill/finish capacity and ramp-up of product release to market," Moderna said in its third-quarter earnings release.
|REGN||REGENERON PHARMACEUTICALS INC.||813.32||+11.16||+1.39%|
Regeneron, which produces a COVID-19 antibody cocktail, also saw its shares drop.