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Pfizer Hits New Record High, Snowman Logistics Up 14% On Vaccine News

By Staff
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On Tuesday, shares of Pfizer Limited rose as much as 16 percent to a new record high of Rs 5,900 after the company's US-based parent announced successful results in vaccine trials.

On Monday, Pfizer Inc said its experimental COVID-19 vaccine was more than 90 percent effective in Phase 3 trials. Pfizer and German partner BioNTech SE said they expect to seek US emergency use authorization later this month.

Pfizer Hits New Record High, Snowman Logistics Up 14% On Vaccine News
 

"The first set of results from our Phase 3 Covid-19 vaccine trial provides the initial evidence of our vaccine's ability to prevent Covid-19," Pfizer Chairman and CEO Albert Bourla said in a statement.

The American pharma company's development can intensify the earnings growth of the Indian subsidiary given its strategy to align the Indian business and portfolio with the global structure. Investors may have rushed to buy the stock on the expectation that while the intellectual property may be retained by the parent, Pfizer India may benefit from distribution and manufacturing of the vaccine.

Meanwhile, shares of Snowman Logistics gained as much as 14 percent in an intraday movement to Rs 40.95 as the COVID-19 vaccine's requirement for super-cold storage facilities could improve its business prospects.

Pfizer expects to produce over 50 million vaccine doses in 2020 and up to 1.3 billion doses in 2021.

Read more about: pfizer vaccine coronavirus
Story first published: Tuesday, November 10, 2020, 11:49 [IST]
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