Market News

Pfizer’s PAXLOVID Gets Emergency Use Approval in South Korea – Report

Pfizer’s (NYSE: PFE) COVID-19 oral antiviral treatment, PAXLOVID, has received emergency use authorization in South Korea for people aged 12 years and older and weighing at least 40 kg, Reuters reported. According to the Ministry of Food and Drug Safety, it is the first-of-its-kind antiviral treatment to be introduced in the country. 

PAXLOVID (nirmatrelvir tablets and ritonavir tablets) is designed to treat mild-to-moderate COVID-19 in adults and pediatric patients. These patients also include individuals at high risk for progression to severe COVID-19. 

Official Comments 

According to drug safety minister, Kim Gang-lip, PAXLOVID is “expected to help prevent serious deterioration of patients admitted to residential treatment centers or being treated at home,” as it diversifies current coronavirus treatments beyond injections. 

Wall Street’s Take 

Recently, Mizuho Securities analyst Vamil Divan maintained a Hold rating and a price target of $56 (4.62% downside potential) on the stock. 

The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 7 Buys and 11 Holds. As for price targets, the average Pfizer price target of $56.12 implies 4.41% downside potential from the current levels. Shares have increased 65.7% over the past year. 

News Sentiment 

News Sentiment for Pfizer is currently Neutral based on 288 articles over the past seven days. 77% of the articles on PFE have a Bullish sentiment, compared to a sector average of 60%, while 23% are Bearish, compared to a sector average of 40%. 

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