Pfizer Inc. is poised to close November with its best monthly advance in 30 years, as renewed virus fears revive the market's focus on vaccine makers.
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The stock rose by 2.3% to $53.62 at 10: 20 a.m. in New York trading, putting Pfizer within reach of a 22% gain since 1991. Pfizer has gone up about 46% this year, with its dividend boosting the total return to more than 50%.
One of the world's best-selling vaccines was spurred to new heights this week as investors contemplated the need for shots and boosters to counter the new omicron Covid 19 variant. Pfizer is attempting to test its current vaccine against omicron and, if necessary, could develop a new shot within 100 days, according to Chief Executive Officer Albert Bourla.
The BioNTech SE and its partner BioNTech were the first to get U.S. authorization for a Covid 19 vaccine. Pfizer is waiting for a regulatory update on a pill to treat early cases of the disease. So far, the oral antiviral medicine seems to work better than a similar therapy from Merck Co.
According to Fidelity, retail traders were net buyers of Pfizer on Tuesday. The new enthusiasm for Pfizer comes after the trading crowd sold off their vaccine holdings in October.
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