Pfizer Inc. PFE and its German partner BioNTech SE BNTX announced positive results Wednesday from a late-stage study of the COVID-19 vaccine BNT162b2 in adolescents.
The Pfizer Analyst: Cantor Fitzgerald analyst Louise Chen maintained an Overweight rating on Pfizer with a $53 price target.
The Pfizer Takeaways: The positive topline results are good news for the company, underlining Pfizer's ability to pivot and innovate quickly, Chen said in a note.
The data reinforces Cantor's positive investment thesis on the stock and view that Pfizer's pipeline is underappreciated, the analyst said.
BNT162b2 demonstrated 100% efficacy and robust antibody responses in 12-15-year-olds and was also well-tolerated, she said.
Pfizer and BioNTech plan to submit the data to the FDA and the European Medicines Agency in order to secure an expansion to the vaccine's emergency use authorization, Chen said.
Pfizer has also commenced a global Phase 1/2/3 study to evaluate the vaccine in children, ages 6 months to 11 years, the analyst said. The company is evaluating a two-dose schedule given about 21 days apart in three cohorts: children ages 5 to 11, 2-5 and from 6 months to 2 years, she said.
PFE Price Action: In premarket trading Wednesday, Pfizer shares were up 0.11% to $36.16.
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