Pfizer share price surges 13%. Coronavirus cure found? Here’s what company claims

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Updated: Mar 03, 2020 12:02 PM

Share price of drug-maker Pfizer Limited surged 13 per cent on Tuesday morning after reports claimed that the parent company of Pfizer, has identified some antiviral compounds with potential as Coronavirus treatments.

Pfizer Inc said on Monday that it has identified certain antiviral compounds that it had in development and that these compounds could have the potential to inhibit Coronaviruses

Share price of drug-maker Pfizer Limited surged 13 per cent on Tuesday morning after reports claimed that the parent company of Pfizer, has identified some antiviral compounds with potential as Coronavirus treatments. Pfizer was trading at a price of Rs 4,925 per share, hitting a 52-week high. With two more cases of Coronavirus surfacing in India on Monday morning, markets reacted strongly giving up their gains and slumping down to trade in the red. 

Pfizer Inc said on Monday that it has identified certain antiviral compounds that it had in development and that these compounds could have the potential to inhibit Coronaviruses, said a Reuters report. Pfizer is currently in the process of screening the compounds with a third party. The company has said that results of the screening will be back by the end of the month and if any of the compounds are successful, Pfizer would start testing them by the end of this year. 

One of the two new cases of Coronavirus in India was identified in New Delhi and the other one was in Telangana. The patient in New Delhi has recent travel history to Italy. “25,738 persons are under community surveillance of IDSP network. As many as 5,57,257 passengers have been screened. 15 labs are operational for testing samples,” said Dr Harsh Vardhan, Union Minister for Health and Family Welfare during a press conference on Monday.

Share price of Pfizer has seen a 5 per cent jump so far this year. Pharma industry in India has seen a mixed response after the outbreak of Coronavirus in China. While some drug-makers are expecting to make use of the supply chain disruptions and provide for the demand that is not being met from Chinese companies other companies that primarily depend on China for raw material have seen a slump in share price. 

Domestic benchmark indices after falling on Monday morning on the back of the Coronavirus scare were up on Tuesday morning. S&P BSE Sensex gained 120 points or 0.31 per cent to trade at 38,263 points while the NSE Nifty 50 was up 57 points or 0.51 per cent trading at 11,189 points.

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