On Thursday, a panel of independent experts recommended that the Food & Drug Administration (FDA) must authorize the COVID-19 vaccine candidate made by Pfizer (PFE) in collaboration BioNTech (BNTX). Following this panel voting, Pfizer rapidly surged during after-hours in the stock market.

The committee of advisory for Vaccines & Related Biological Products has given 17-4 votes in favor of the coronavirus vaccine. Over 75% of panelists have stated that the benefits offered by the drug are much in comparison to the risks for people aged over 16.

A few panelists are concerned regarding the granting authorization to the vaccine to people aged 16-17. The data about the population is very slim and severe coronavirus cases, as well as hospitalizations, have been rare among teenagers.

Panelists also showed concerns about the allergic reactions exhibited by 2 recipients and another recommended PFE vaccine to conduct a study on the people showing allergies to find the solution.

Emergency Use Authorization (EUA) has allowed Pfizer the distribution of their COVID-19 vaccine before the cases surge higher.

PFE Stock Valuation

Today, PFE stock declined to 41.73 while BNTX surged to 129.54. After-hours trading showed a gain of 2.4% by Pfizer and 1.9% by BioNTech.

Although the FDA is yet to approve the vaccine, they seem satisfied with the results of the 3rd phase clinical trial.

Following this announcement, the stock of the company climbed higher by 6.5% on an annualized basis and BioNTech surged by 282%.

PFE stock is experiencing a tumult in the market with new announcements and reports. Pfizer has promised 50 million doses in 2020 and 1.3 billion in 2021.