Pfizer Skyrockets to a Record High for the First Time in Over Two Decades

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Shares if biotech giant Pfizer were on a tear on Tuesday, climbing ot a record high for the first time in over 20 years.

The stock climbed as high as $48.57 during the session. It’s previous intraday high was $47.44, reached on April 12, 1999.

The gain was also the biggest one-day increase for the stock since November of last year, when Pfizer had released positive data for its COVID-19 vaccine.

“I think they are finally getting credit for the vaccine,” remarked Jeff Jonas, a portfolio manager at Gabelli Funds, which owns Pfizer shares.

Investors had looked at the vaccine as a “a one-time cash infusion … it is really going to be a durable business, unfortunately,” he added.

According to Jonas, Pfizer should be able to leverage the vaccine’s technology for use against other types of disease as well.

Pfizer’s partner on the vaccine, Germany’s BioNTech, were down over 5% on Tuesday. The stock however has climbed about 30% this month.

“The Delta variant has scared a lot of people into getting inoculated,” said Peter Tuz, president of Chase Investment Counsel and an investor in Pfizer.

It was last month that Pfizer raised its 2021 sales forecast for its COVID-19 vaccine by 29% to $33.5 billion.

According to Ashtyn Evans, a healthcare analyst at Edward Jones, Pfizer will be able to use the cash flow from the vaccine “for both internal research and development and for acquisitions to
strengthen their pipeline.”

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.