Why Pfizer Stock Dropped Today
Shares of pharma giant Pfizer (NYSE: PFE) fell by as much as 5.6% on Wednesday and closed the day's trading session down by 5.3%. While the broader stock market is feeling the pressure of a new surge in COVID-19 cases worldwide, one would expect Pfizer, a leader in the COVID-19 vaccine race, to benefit from these developments. However, investors are getting impatient with Pfizer, which has yet to release any data from its ongoing late-stage clinical trial for its coronavirus vaccine candidate, BNT162b2.
In early September, Pfizer's CEO, Albert Bourla, said in an interview that the company expected to know by the end of October whether BNT162b2 is safe and effective. And in an open letter posted on the company's website on Oct. 16, Bourla reiterated this sentiment while also emphasizing that efficacy data could come "earlier or later based on changes in the infection rates." With only a couple of days or so left to go in the month, the drugmaker has yet to release any data from this clinical trial to the public.
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Source Fool.com
