Pfizer Analyst: Coronavirus Vaccine Moving Closer To Emergency Use Authorization

Although the details of interim data from the Phase 3 trials of Pfizer Inc’s PFE COVID-19 vaccine study rea unclear, the results represent “a solid win” for the company, according to BofA Securities.

The Pfizer Analyst: Geoff Meacham maintained a Neutral rating on Pfizer with an unchanged $39 price target. 

The Pfizer Thesis: The company reported positive interim data Monday for BNT162b2, which is being developed in partnership with BioNTech SE BNTX.

The data indicates that the compound was more than 90% effective in preventing COVID-19 after the administration of a booster, Meacham said in a note. 

“While there was optimism the vaccine would demonstrate some efficacy given the positive Phase 2 trends, the efficacy level strongly exceeds the 60%-70% threshold many had considered to be the best case scenario,” the analyst said. 

Many unknowns remain, including whether Pfizer's vaccine prevents severe cases and whether it lowers hospitalization and mortality rates, he said. 

"Nor is it clear whether it prevents COVID19 transmission … or what the safety profile is, a key aspect of the product profile that will likely strongly influence uptake, especially with measurable segments of the population skeptical of vaccines."

These and other efficacy readouts will be in focus as Phase 3 trials continue, Meacham said, adding that he expects emergency use authorization "to follow in the coming weeks." 

PFE Price Action: Pfizer shares were up 9.86% at $39.99 at last check Monday.