The Pfizer share price suffered a considerable drop in Tuesday’s trading session and looks set to open slightly lower this Tuesday as investors digest some negative news regarding the Pfizer/BioNTech coronavirus vaccine.
Analysis of data that was collected from a UK ZOE COVID study indicates that the protection offered by two shots of the Pfizer vaccine dived to 74% after 5-6 months. The data were collected from one million persons but was primarily composed of elderly persons who were the first recipients of the vaccines.
The data could explain why fully vaccinated individuals are still succumbing to the illness and could make a case for administering a third dose to serve as a booster. The US government plans to commence booster dose vaccinations in those who got their initial shots in January.
The Pfizer share price drop of 3.1% reflected the disappointment of investors to the news. Pfizer share price is down 0.33% in premarket trading on Wednesday.
Pfizer Share Price Prediction
Tuesday’s candle violated the 48.38 support level and provided a chance for an additional correction if another closing penetration below that support is seen. This scenario opens the door towards 45.99, with 44.06 and 43.28 serving as other support levels.
On the other hand, a bounce off 48.38 allows for a recovery towards the 50.00 psychological resistance. Above this mark, the band between 51.36 and 51.86 serving as the additional upside targets.