Why Pfizer and BioNTech Shot Higher on Friday

Thanks to encouraging developments in Europe, shares of coronavirus vaccine partners Pfizer (NYSE: PFE) and BioNTech (NASDAQ: BNTX) both rose on Friday. Pfizer inched 0.1% skyward, while BioNTech -- which is headquartered on the continent -- closed the day up 4.8%.

On Friday, Pfizer and BioNTech announced that they formally requested that the authorization for their BNT162b2 coronavirus vaccine be expanded to include adolescents aged 12 to 15 throughout the 27-country European Union (EU).

This follows a similar application the biotech and the pharmaceutical giant made with the U.S. Food and Drug Administration. That request is pending.

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Source Fool.com