Update on the Pfizer Vaccine
Pfizer has been steadily making progress on its vaccine, with results finally being published and reviewed by industry leaders recently. Those results were extremely promising. In fact, based on initial trial results, the Pfizer vaccine is an astounding 90% effective in preventing the COVID-19 virus from being contracted. This news is extremely positive and brings the world one step closer to having a working vaccine for this pandemic. The next step now that clinical trials have been completed and the results have been released is to wait for the data to pass the safety milestones. Once these safety milestones have been passed, which will take until about the third week of November, Pfizer plans to apply for emergency use approval from the FDA. The vaccine is taken in two shots, with the second taken 21 days after the first injection. In terms of distribution, the good news is that Pfizer had preemptively agreed to a $1.95 billion deal with the United States in order to obtain 100 million doses of the vaccine. Once the vaccine is approved, there will be an option to purchase an additional 500 million doses. According to the company, hundreds of thousands of doses of the vaccine have already been produced and are ready for distribution once the FDA approves it. This news has caused a major surge in the stock market, especially for airlines that have been aching for good news, which could possibly boost travel across the globe once again.
Airline Stocks’ Big Day
As of closing on November 9, these airline companies have watched their stocks explode back up after months of languishing due to a lack of flights and international travel bans. American Airlines saw their stock move up nearly $2 per share as the company’s stock prices surged up by 15.18%. Delta Airlines saw similar movement in its own stocks, which spiked an impressive 17.03%. For companies such as United Airlines, the jump in stock value was even larger. United Airlines was boosted up by a whopping 19.15%. Yet somehow, United was not even the biggest winner on the day, with companies like JetBlue and Spirit Airlines seeing colossal victories at the market. Spirit Airlines appeared to be a major winner among winners on the day with their own stock rising by an astounding 21.09%; however, it was without a doubt JetBlue who ended up taking the cake as the company saw their shares rise by an unbelievable 21.70%. These victories all come with immense hope and optimism about 2021, given the possibility that travel restrictions will be eased, and airlines will be able to operate at full capacity once again. It would also be reliant on the boost of demand back to normal levels with vacations and non-essential business travel becoming commonplace with the pandemic coming to a close. Of course, this is still reliant on FDA approval and the eventual distribution, but signs point to a resolution sooner rather than later.
Pfizer’s major vaccine news was a shot of life into the stock market as economic recovery on a wide scale looks to be appearing on the horizon. With applications for an emergency approval from the FDA to be around the corner, airlines finally caught a break as prospects began to look up for their near future.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.