Pfizer share price climbs 8.5% as parent's potential Covid-19 drug shows positive result

Pfizer share price surged over 8% in Thursday's session after the its US parent firm said one of its Covid-19 vaccines showed encouraging results.

The COVID-19 vaccine developed by German biotech firm BioNTech and the US pharmaceutical giant has shown potential and was found to be well tolerated in early-stage human trials testing of 45 people.

On Wednesday night, Pfizer stock also gained 4.4% to $34.13.

Following the news, the stock of the firm's Indian arm opened with a gain of 6.8% today and climbed 8,52% to an intraday high of Rs 4,313.4 against the earlier closing value of Rs 3,974.

The highly volatile pharma stock opened at 4,245 and hit an intraday low of Rs 4,125 in today's session. The stock has risen 4.78% in the last 2 days.

Pfizer share price trades higher than 5, 20 and 200 day but lower than 50 and 100-day moving averages. Shares of Pfizer have risen 1% in one week, 2,8% in one month and 24% in one year.

BioNTech and Pfizer will now pick the most promising of four experimental vaccines for a trial involving up to 30,000 healthy participants. The trial is likely to begin in the United States and Europe in late July if it gets the regulatory green light.

The potential treatment is the fourth early-stage Covid-19 drug to show promise in human testing amid a global race to find a vaccine to end the worldwide pandemic that has infected 10.5 million people and killed more than half a million till date.

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