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The PF-07321332 drug will be administered alongside a low dose of Ritonavir, a widely used drug in HIV treatment.
Pfizer Inc (NYSE: PFE) stock closed yesterday trading at $43.57, down 0.84%. The drop continued during the extended trading period, as PFE stock traded around $43.54. Similarly, the S&P 500 index closed yesterday 12.37 points down at 4,443.11. While the stock market and the crypto market closed yesterday in dip, Pfizer announced that it has begun large-scale testing of its oral antiviral drug for Covid prevention. The company has embarked on plans to help administer Covid drugs easily, to help bring back normality.
Pfizer Chief Executive Officer Albert Bourla recently said in an interview with ABC that we will be able to go back to normal life in a year. However, he warned that people might need annual coronavirus shots to help boost their immunity.
According to news outlet Reuters, Pfizer is expected to study its drug, PF-07321332, in up to 2,660 healthy adults aged 18 and over who have lived in the same household with a Covid infected person.
Notably, the PF-07321332 drug will be administered alongside a low dose of Ritonavir, a widely used drug in HIV treatment.
Should the company get successful in oral drug testing, it will be joining other pharmaceutical companies tirelessly working towards FDAs approval of Covid prevention drugs.
Pfizer Stock amid News on Its Oral Covid Drug
Pfizer stock market is highly indebted to the Covid crisis as investors are just speculative about the unpredictable future. Notably, although we are a year plus into the Covid crisis, little is known about the future possibilities and outcomes of the pandemic. Consequently, Wall Street analysts are skeptical of calling it a Buy early before any confrontation.
Notably, a study conducted by MarketWatch indicates PFE stock received an average rating of Hold from 20 ratings. A clear testimony of future uncertainty. Pfizer stock has gained approximately 26%, 18%, and 11% in the past year, YTD, and three months respectively through Monday. However, the company’s stock has dropped approximately 7%, and 1.4% in the past month and five days respectively.
The company is however adamant in developing drugs for a wide range of population age sets. Recently, Bourla disclosed that the company plans to seek the authorization of its Covid vaccine for children between the age of 5 and 11 in a few days.
“Since July, pediatric cases of COVID-19 have risen by about 240 percent in the US – underscoring the public health need for vaccination,” Bourla said in a statement. “These trial results provide a strong foundation for seeking authorization of our vaccine for children 5 to 11 years old, and we plan to submit them to the FDA and other regulators with urgency.”