Pfizer shares drop nearly 1.7% a day before FDA meeting to approve its COVID-19 vaccine use in US and just hours after UK regulators warn people with severe food or medicine allergies not to take it
Pfizer shares were down nearly 2 percent on Wednesday just hours after British authorities urged people with a 'severe' allergies to food or medicine to refrain from receiving the company's COVID-19 vaccine shot.
The US drugmaker's stock closed 1.7 percent lower after dropping even further at the open.
The decline comes just one day before the FDA is scheduled to discuss green-lighting Pfizer's COVID-19 vaccine in the United States.
Pfizer's vaccine, which it created in partnership with German partner BioNTech, is in use in the UK and was approved in Canada on Wednesday.
Pfizer's stock was down 1.7 percent in afternoon trading after dropping even further at the open
The safety fears emerged after two British healthcare workers who were among the first in the world to receive it on Tuesday went into anaphylactic shock hours later.
It prompted British authorities to tell anyone with a 'severe' allergy to food or medicine not to get it.
The two healthcare workers who were affected both carry EpiPens but no other information has been given. They are now said to be recovering well.
British scientists have told the public not to panic and say the vaccine is safe. Investigators are looking into whether two reactions on the first day of the U.K.´s vaccination program were linked to the shot.
Also on Wednesday, Canada's health regulator approved the vaccine.
Dr. Supriya Sharma, chief medical adviser at Heath Canada, called it 'a momentous occasion'.
Canada is set to receive up to 249,000 doses this month and Canadian officials expect to start administering them next week as soon after they are shipped from Belgium on Friday.
The decline comes just one day before the FDA is scheduled to discuss green-lighting Pfizer's COVID-19 vaccine in the United States
Pfizer's vaccine, which it created in partnership with German partner BioNTech, is in use in the UK and was approved in Canada on Wednesday
US stocks overall were slipping on Wednesday and pulling back from their recent record highs as virus cases surge and coronavirus vaccines move closer to distribution.
The prospect for a vaccine is giving Wall Street hope that the economy is nearing a more direct path to a full recovery.
But there could be more economic damage in store over the next few months and investors are still closely watching Washington for any developments on another shot of stimulus for people, businesses and state governments.
Congress is still divided over the size and scope of any new package and the Trump administration has added to the potential plans with a new $916 billion proposal.
The S&P 500 was down 0.9% in afternoon trading, putting it below its record of 3,702.25 set on Tuesday. The index is already up 1.3% this month following one of its best months in years during November.
The Dow Jones Industrial Average was down 150 points, or 0.5%, at 30,023, as of 2:42 p.m. Eastern time, and the tech-heavy Nasdaq composite was 2% lower.
Margaret Keenan, 90, was the first patient in the United Kingdom to receive the Pfizer/BioNtech COVID-19 vaccine on Tuesday after British regulators approved it
Technology stocks fell and dragged much of the market with them. Health care, including Pfizer, and communications stocks also slipped.
About 63% of the companies in the S&P 500 fell, led by Qorvo, which declined 5.2%.
Treasury yields gained ground in a sign of optimism for the the economy. The yield on the 10-year Treasury rose to 0.93% from 0.90% late Tuesday.
Investors still have an appetite for IPO's as meal delivery service DoorDash soared 78% in its market debut. The company has been one of the beneficiaries of the stay-at-home economy as more people shop and order food from their homes.
The market has generally been making gains as investors weigh the continued economic damage being inflicted by the virus against anticipation for a return to normalcy as vaccines start to move closer to approval and wider distribution.
The recent surge in coronavirus cases and tighter restrictions on businesses over the last few weeks has again raised the importance of a vaccine for beaten down businesses.