Pfizer with the possibility of long-term increase

Pfizer Inc (PFE) said on Friday that it could be authorized for the COVID-19 vaccine, which it is developing with German partner BioNTech in late November, making the vaccine unlikely to be available before the US election, as promised by President Donald Trump.

Regulatory registration of the vaccine could come as soon as safety data is available, likely in the third week of November, Pfizer said, raising shares of the company and the wider US market.

The schedule already allows for a possible US coronavirus vaccine permit this year, a key step in controlling the COVID-19 pandemic, which killed more than a million people and devastated the global economy.

The U.S. Food and Drug Administration said earlier this month that it wanted at least two months of safety data from half of the study participants before allowing the use of an experimental coronavirus vaccine.

Pfizer expects to have this safety data in the third week of November, CEO Albert Bourla said in an open letter posted on the company’s website.

Bourla noted in the letter that the submission depended on several other factors, including initial performance data.

Technical analysis supports this. After an adjustment that began in late August, the price has found support in Fibo 0.382 and the main diagonal. Also, the price has returned above the two main moving averages 50MA and 200MA and after today’s good news the company grew by 2.4% in the preliminary market. Resistance is seen at a price of $ 37.5. After breaking this level, the next one is $ 40.

 Junior Trader Mert Mustafa

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