Shares of drug giant Pfizer surged more than 10% in early trading Friday after the company announced positive test results for an experimental pill it has developed to fight Covid-19.
Pfizer said the pill reduced the risk of hospitalization and death for high-risk patients who were part of a trial taking the drug.
The news comes just a few days after Pfizer reported strong earnings and sales, thanks largely to the success of the Covid-19 vaccine it developed with BioNTech.
The US Food and Drug Administration also recently approved the use of the Pfizer-BioNTech vaccine in 5- to 11-year-old children.
But shares of BioNTech, which will report earnings next week, plunged in early trading Friday. So did shares of Pfizer’s Big Pharma rival Merck, which also is developing a Covid pill.
Moderna, another biotech that has its own Covid-19 vaccine, fell more than 10% in early trading Friday.
That follows a nearly 18% slide for the stock Thursday after Moderna announced weaker than expected results and a disappointing outlook due to production and shipment problems that will delay the deliveries of its vaccine.
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