Pfizer climbed 4%, while its German vaccine partner, BioNTech, soared more than 10%.
the first drugmaker to receive the Food and Drug Authority's full approval for its Covid-19 vaccine, putting the stock on the verge of a record high and ushering in a rally for fellow vaccine-maker Moderna.... [+]Pfizer stock, which rallied early Monday in anticipation of the approval, climbed more than 4% to $50.75 by 10:00 a.m. EDT after the FDANasdaq-listed shares of BioNTech, Pfizer's Covid-19 vaccine partner, jumped more than 10% after the announcement, adding nearly $9.
Moderna stock also joined the early Monday rally, climbing 3.5% to $396.40 and extending the stock's gains this year to nearly 255%, more than any other company in the S&P 500 index.Crucial Quote "Formal approval will help move the needle on making people more comfortable getting the vaccine, but more importantly, it will provide legal backing for the vaccine mandates a lot of companies and government organizations are planning to implement," market analyst Adam Crisafulli, of Vital Knowledge Media, wrote in a Monday email, pointing to a recent uptick in vaccination numbers as an encouraging sign for vaccine-maker stocks and the broader economic recovery.
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