Pfizer’s (PFE) – Get Report report that its coronavirus vaccine had a 90% efficacy rate sent travel stocks — airlines and cruise operators — higher on Monday.
At last check Carnival (CCL) – Get Report rose 31% and Norwegian (NCLH) – Get Report gained 27%, and Royal Caribbean tacked on 23%, while among the carriers, American Airlines (AAL) – Get Report gained 25%, Delta Air Lines (DAL) – Get Report rose 19%, United Airlines (UAL) – Get Report rose 20% and Southwest Airlines (LUV) – Get Report gained 16%.
Stocks were moving after Pfizer said that it saw no serious safety concerns from its vaccine candidate and that later this month it would seek emergency-use authorization from the U.S. Food and Drug Administration.
The news comes as a reprieve for travel and vacation stocks, which along with the hospitality industry have been hammered since the coronavirus forced global lockdowns.
Earlier this month cruise lines suspended travel through the rest of the year even as the government lifted its No-Sail orders for the industry, which had been in place since March.
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 the confirmed cases of 94 patients who received two doses of the vaccine.