Shares of Pfizer Inc. PFE,
recovered by 2.3% and from BioNTech SE BNTX,
Premarket retail sales rose 5.3% on Monday after companies said two of their vaccine candidates for protection against the virus that causes COVID-19 had received Fast Track status from the Food and Drug Administration. Fast Track is a process to speed up the review of new drugs and facilitate the development of new drugs. Pfizer and BioNTech̵
7;s BNT162b1 and BNT162b2 are currently being evaluated in phase 1/2 clinical trials in the United States and Germany. “The FDA’s decision to award these two COVID-19 vaccine candidates the Fast Track award is an important milestone in efforts to develop a safe and effective vaccine against SARS-CoV-2,” said Peter Honey, Senior Vice President President, Global Regulatory Affairs. Pfizer. “We look forward to continuing to work closely with the FDA during the clinical development of this program, Project Lightspeed, to assess the safety and efficacy of these vaccine candidates.” Pfizer’s stock fell 13.7% through Friday, while BioNTech stock more than doubled (up 107.7%) and the Dow Jones Industrial Average DJIA.