Pfizer Has Best Month in 30 Years After Leading Vaccine Race
(Bloomberg) -- Pfizer Inc. closed out November trading with its best monthly advance in 30 years, as renewed virus fears revive the market’s focus on vaccine makers.
The stock rose 2.5% to $53.73 in New York trading on Tuesday, ending the month with a 23% gain -- the most since 1991. Pfizer is up about 46% so far this year, with its dividend boosting the total return to more than 50%.
The company behind one of the world’s best-selling vaccines was spurred to new heights this week as investors contemplated an ongoing need for shots and boosters to counter the new omicron Covid-19 variant. Pfizer is racing to test its current vaccine against omicron and, if needed, could develop a new shot within 100 days, according to Chief Executive Officer Albert Bourla.
The pharmaceutical company and its partner BioNTech SE were the first to secure a U.S. authorization for a Covid-19 vaccine. Pfizer is also awaiting a regulatory update on a pill to treat early cases of the disease. So far the oral antiviral medicine appears to work better than a similar therapy from Merck & Co.
Watch: CEO Peter Bourla Discusses Omicron on Bloomberg TV
Retail traders were net buyers of Pfizer on Tuesday, according to Fidelity data. The renewed enthusiasm for Pfizer comes after the day-trading crowd sold off their vaccine holdings in October.
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