Pfizer’s stock has risen roughly 11% this year. Friday, the company revealed that an experimental pill it designed to combat Covid-19 had passed its tests.
The medicine, according to Pfizer (PFE), lowered the likelihood of hospitalization and mortality in high-risk patients who took part in a trial.
Pfizer posted great earnings and sales just a few days ago, thanks in part to the success of the Covid-19 vaccine it developed with BioNTech (BNTX).
The Pfizer-BioNTech vaccine was just licensed by the US Food and Drug Administration for use in children aged 5 to 11.
However, BioNTech’s stock dropped more than 20% on Friday, ahead of its earnings announcement next week. Pfizer’s Big Pharma rival Merck (MRK), which is also working on a Covid tablet, saw its stock drop roughly 10%.
The stock of biotech Novavax (NVAX), which is seeking emergency use authorisation for its Covid vaccine, has dropped more than 11%.
Moderna (MRNA), a biotech company with its own Covid-19 vaccine, fell approximately 17% on Friday.
Following a roughly 18 percent drop in the shares on Thursday, Moderna disclosed weaker-than-expected results and a dismal outlook due to production and transportation issues that may cause delays in vaccine supplies.