New York (CNN Business)Shares of drug giant Pfizer surged more than 10% in early trading Friday after the company announced positive test results for an experimental pill it has developed to fight Covid-19.
Pfizer (PFE) said the pill reduced the risk of hospitalization and death for high-risk patients who were part of a trial taking the drug.The news comes just a few days after Pfizer reported strong earnings and sales, thanks largely to the success of the Covid-19 vaccine it developed with BioNTech (BNTX).
The US Food and Drug Administration also recently approved the use of the Pfizer-BioNTech vaccine in 5- to 11-year-old children.
But shares of BioNTech, which will report earnings next week, plunged in early trading Friday. So did shares of Pfizer’s Big Pharma rival Merck (MRK), which also is developing a Covid pill. Read More
Moderna (MRNA), another biotech that has its own Covid-19 vaccine, fell more than 10% in early trading Friday. That follows a nearly 18% slide for the stock Thursday after Moderna announced weaker than expected results and a disappointing outlook due to production and shipment problems that will delay the deliveries of its vaccine.
Source: edition.cnn.com
