Entertainment and casino stocks leaped on Monday after Pfizer (PFE) - Get Pfizer Inc. Report said its coronavirus vaccine was 90% effective in late-stage trials and that later this month it planned to seek emergency-use authorization for the vaccine from U.S. health officials.
An effective vaccine would mean people could again safely congregate in places such as movie theaters, concert venues and casinos. That assumes, of course, that a critical mass of Americans will take the vaccine.
AMC Entertainment Holdings (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report, the country’s largest movie chain, soared 76% to $4.38, after having plunged 67% year to date through Friday thanks to the coronavirus.
As for the vaccine, Pfizer said it saw no serious safety concerns from its trial and expects to have as many as 1.3 billion doses produced next year if and when the drug is ultimately approved by regulators.
In the interim, Pfizer said it would seek emergency authorization from the U.S. Food and Drug Administration this month.
Pfizer received fast track designation from the FDA in July based on preliminary data from Phase 1 and Phase 2 studies.
Its Phase 3 trial should be concluded in early December, Pfizer said, with analysis from around 164 infections. The 90% efficacy rate, Pfizer said, was identified from 94 confirmed cases who received two doses of the vaccine.