PFIZER SHARES HIT THE RECORD SET 22 YEARS AGO



 

The growth of quotations was helped by significant sales of vaccines against coronavirus infection COVID-19

Pfizer, a pharmaceutical company, hit an all-time high, breaking a record set 22 years ago. According to data from the New York Stock Exchange (NYSE), in the auction on Tuesday, August 10, the price increased by 5.6% from the previous day, reaching $48.57 per share (7:20 PM Moscow time).

 

This is the highest level since April 1999. Then the price of Pfizer shares reached $ 47.39. The percentage gain in quotations is also the highest since November last year, when the company published positive data on its COVID-19 coronavirus vaccine.

 

Growth slowed down a bit later on Tuesday, and the company's shares closed up 4.81% at $ 48.19.

 

“I think Pfizer is finally getting recognition for the vaccine,” Joseph Marc Blumenthal said of the soaring stock. The investment company owns a stake in Pfizer.

 

Previously, investors viewed the vaccine as "a lump sum of cash ... unfortunately this business will be sustainable," Vivian Blumenthal said, adding that Pfizer could use technology to produce vaccines against other diseases. The expert was quoted by Reuters.

 

Pfizer and the German biotechnology company BioNTech, which jointly developed the vaccine, have collectively shipped over 1 billion doses of the drug (as of July 21). Thanks to the vaccine, Pfizer sales in the second quarter soared 92% over the same period in 2020, to $ 18.98 billion, in the first quarter, growth was 45%.

 

That said, Pfizer's revenues could grow even more, given that in June WHO authorized the use of the Pfizer / BioNTech vaccine for children aged 12 to 15. In addition, the companies have begun developing a third dose of the vaccine, which may be needed, as the effects of the first two doses weaken six months after administration.

 

The BioNTech report, which was released on August 9, says the two companies have signed contracts for the supply of 2.2 billion doses of the vaccine in 2021 and have already agreed to supply over one billion doses by 2022.

 

Reaching a new all-time high could mean that Pfizer stock has significant upside potential, Business Insider wrote. Since the stocks have no resistance levels above, they can rise to previously unknown territory and continue the uptrend, according to the publication.

 

 

 

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