Pfizer Ltd share price erased early losses and surged over 5% in Wednesday's session after Britain became the first country to approve the Pfizer-BioNTech vaccine against COVID-19 and said the vaccine would be rolled out from next week.
Earlier, the stock of the pharma firm's Indian arm opened at Rs 5,150 and touched an intraday low of Rs 4,985, falling 2.35% on BSE. However, following the news, the highly volatile pharma stock climbed 5.49% to an intraday high of Rs 5,385.6 against the earlier close of Rs 5,105.20.
The stock has risen 3.32% in the last 2 days of consecutive gain. Market capitalisation of the firm stood at Rs 23,994 crore today.
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 2.8% in one week, 5.8% in one month and 25% in one year.
"The Government has today accepted the recommendation from the independent Medicines and Healthcare products Regulatory Agency (MHRA) to approve Pfizer-BioNTech's COVID-19 vaccine for use," the government said.
"Today's Emergency Use Authorisation in the UK marks a historic moment in the fight against Covid-19," said Pfizer CEO Albert Bourla, adding, "We are focusing on moving with the same level of urgency to safely supply a high-quality vaccine around the world.
Expressing views over the news on Covid vaccine front, Yash Gupta Equity Research Associate, Angel Broking said,"UK became the first country to approve Pfizer/BioNtech Covid-19 vaccine and even can begin vaccination next week. After the studies found a vaccine effective rate at 95%, The United Kingdom became the first country in the world to approve Pfizer vaccine to use worldwide. The medicines and healthcare products regulatory agency said vaccines are safe for vaccination. The NHS stands ready to start vaccinating early next week told by health secretary Matt Hancook. The UK has already ordered 40 million doses of Pfizer/BioNtech vaccine to vaccinate 20 million people, with 2 shots each. By this, the UK will be the first country to start immunisation programmes before any country in the west. This follows months of rigorous clinical trials of different stages. The joint committee on vaccination and immunization will shortly also publish its latest advice for the priority groups to receive the vaccine."