Pfizer stock rises after Covid-19 vaccine announcement

Pfizer shares rose on Wednesday after the company's announced the clinical trial results of its Covid-19 vaccine.

The American company and the German firm BioNTech announced on Wednesday that the recent data from the final phase of the clinical trials on their Covid-19 vaccine showed it was 95% effective.

While Moderna announced on Monday that its coronavirus vaccine was more than 94.5% effective in preventing the disease.

However, analysts believe that there is still a long way to go before the vaccine reaches everyone and eliminates the pandemic, especially as the number of infections keeps rising.

This comes at a time when the world is counting on a safe and effective vaccine to eliminate the coronavirus pandemic in order to help in returning to the economic recovery path.

Pfizer's share rose 0.7% to close at $36.3, after it hit a day high of $37.4 and a low of $36.3.