Drug makers shares rose after FDA grants full approval to Pfizer's Covid-19 vaccine

Pfizer (PFE.US), BioNTech (BNTX.US) shares rose 3% and 11% respectively after FDA granted full U.S. approval of their Covid-19 vaccine for use in people aged 16 and older. FDA had been under rising pressure from the scientists and advocacy groups to fully approve Pfizer and BioNTech’s vaccine ever since both companies submitted their application to the agency in early May. Now FDA officials hope that today's approval will convince more unvaccinated Americans that Pfizer's shot is safe and effective. "While millions of people have already safely received COVID-19 vaccines, we recognize that for some, the FDA approval of a vaccine may now instill additional confidence to get vaccinated," said Janet Woodcock, the FDA's acting commissioner. Additionally, the U.K. has signed a deal for an additional 35 million vaccines from the two companies. Meanwhile Moderna (MRNA.US) is also in the process of applying for full FDA approval of its Covid-19 vaccine and its shares jumped over 6%.

BioNTech (BNTX.US) stock launched today's session with a bullish price gap and is currently approaching the major resistance zone around $400.00 which coincides with 23.6% Fibonacci retracement of the last upward wave and upper limit of the 1:1 structure. Should break higher occur, then upward move may accelerate towards all-time high at $463.80. On the other hand, the key support zone lies between $330.00 and $362.00 levels. Source: xStation5