Pfizer files for U.S. authorization of promising COVID-19 antiviral pill

Pfizer files for U.S. authorization of promising COVID-19 antiviral pill

Pfizer Inc

Pfizer Inc (NYSE:PFE) is trading down 0.10% at 49.60

Pfizer Inc (NYSE:PFE) said on Tuesday it is seeking U.S. authorization of its experimental antiviral COVID-19 pill that cut the chance of hospitalization or death for adults at risk of severe disease by 89% in a clinical trial.

Pfizer said it completed submission of its application for emergency use authorization (EUA) of the drug, Paxlovid, with the U.S. Food and Drug Administration, including data from the drugmaker’s clinical trial.

The oral drug could be a promising new weapon in the fight against the pandemic, as it can be taken as an early at-home treatment to help prevent COVID-19 hospitalizations and deaths. It could also become a important tool in countries and areas with limited access to vaccines or low vaccination rates.

It is not immediately clear when U.S. regulators will rule on Pfizer’s application. Merck & Co and Ridgeback Biotherapeutics, which are developing a competing pill, molnupiravir, completed their EUA submission on Oct. 11.

A panel of outside advisers to the FDA will meet to consider that application on Nov. 30. It is expected to be available this year.

“We are moving as quickly as possible in our effort to get this potential treatment into the hands of patients, and we look forward to working with the U.S. FDA on its review of our application, along with other regulatory agencies around the world,” Pfizer Chief Executive Albert Bourla said in a news release.

On technical fronts Pfizer Inc (NYSE:PFE) RSI stood at 72.51 and currently stock is trading above 20 and 50 days MA & below 5 days MA. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : Pfizer Inc (NYSE:PFE) – BUY: 49.53, TARGET: 49.90, STOP LOSS : 49.17

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