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Pfizer-BioNTech Booster Dose Bags FDA Approval

Pfizer (PFE) and BioNTech (BNTX) revealed that the U.S. Food and Drug Administration has approved the emergency use of a single booster dose of Pfizer-BioNTech COVID-19 vaccine for people 65 years of age and older, and adults who are at high risk of severe Covid-19.

The dose can be administered only after six months from completion of the primary series. Also, the booster is of the same formulation and dosage strength as the doses in the primary series. (See Pfizer stock chart on TipRanks)

The dose can be administered to individuals over 65 years of age and individuals between 18 to 64 years who are at high risk of severe COVID-19. Further, individuals 18 through 64 years of age whose frequent institutional or occupational exposure to SARS-CoV-2 puts them at high risk of serious complications of COVID-19 can also receive the booster dose.

The decision is based on the data submitted by the vaccine manufacturer, information presented at the Vaccines and Related Biological Products Advisory Committee meeting and discussions. (See BioNTech stock chart on TipRanks)

The Chairman and CEO of Pfizer, Albert Bourla, said, “We believe boosters have an important role to play in addressing the continued threat of this disease, alongside efforts to increase global access and uptake among the unvaccinated. Today’s FDA action is an important step in helping the most vulnerable among us remain protected from COVID-19.”

On September 20, Leerink Partners analyst Geoff Porges maintained a Hold rating on Pfizer with a price target of $50 (13.8% upside potential from current level).

Overall, the stock has a Hold consensus rating based on 2 Buys and 9 Holds. The average Pfizer price target of $45.55 implies 3.6% upside potential.

TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Pfizer is currently Very Positive, as the cumulative change in holdings across all 22 hedge funds that were active in the last quarter was an increase of 1.5 million shares.

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