Pfizer (PFE) stock price was rising in the pre-market but is down now as the market opened.
One of the world’s largest pharmaceutical companies Pfizer Inc (NYSE: PFE) anticipates PFE stock to gain value, as it prepares to supply Japan with 120 million doses of its BNT162 MRNA based vaccine. Pfizer Inc partnered with BioNTech company to develop the vaccine which has shown signs of treating coronavirus patients successfully.
PFE stock was trading around $38.80, up 0.15% in the pre-market. Having retested it’s all-time high mid last year and retraced back, the market price looks ready to burst out. However, at the time of writing, PFE stock is 0.52% down, trading at $38.54.
Supported by both fundamental and technical analysis, it is now about when not how the breakout will happen. If the PFE stock continues with the upward rally on the weekly chart, the next hurdle lies around $43. With the company developing a product with a ready market in a short period, the likelihood of the PFE stock breaking out remains high. It is a call most Wall Street analysts unanimously agree with.
However, PFE stock has not rallied like other coronavirus related stocks during the pandemic. This is because it has dropped 1.22% YTD, and added 2.92% in the past three months, while others like Moderna Inc. that is developing a DNA related vaccine has rallied 296% YTD, and up 61.97% in the past three months.
Future Hope for PFE Stock
Through its official website, Pfizer announced an agreement with the Ministry of Health, Labour and Welfare (MHLW) in Japan to supply 120 million doses of BNT162 mRNA-based vaccine candidate against SARS-CoV2.
The deal is subject to clinical success and regulatory approval, as it is set to begin in 2021, according to the press release.
“We are deeply honored to work with the Japanese government and to marshal our scientific and manufacturing resources toward our shared goal of bringing millions of doses of a potential COVID-19 vaccine to the Japanese people as quickly as possible,” said Albert Bourla, Chairman and CEO, Pfizer. “Under these difficult circumstances, we are proud to help support Japan in its steadfast determination to bring the world together at the 2020 Tokyo Olympics, in a celebration of solidarity, friendship and the power of sport as a global force for good. Our hope is that, subject to clinical and regulatory success, our potential vaccine will help make this happen,” added he.
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