Pfizer (NYSE:PFE) and BioNTech (NASDAQ:BNTX) took the spotlight in Monday's midday trading on news that U.S. authorities had given full approval to their COVID-19 vaccine. Both stocks rose on the news.
Drug development headlines also gave a boost to Axsome Therapeutics (NASDAQ:AXSM). Regulators have not requested any additional information about the company's application for a depression treatment.
Elsewhere in the biotech space, Editas Medicine (NASDAQ:EDIT) rallied after it presented data on gene-editing technology.
Meanwhile, Madison Square Garden Entertainment (NYSE:MSGE) posted a double-digit percentage gain in intraday action thanks to a dramatic revenue beat.
The U.S. Food and Drug Administration announced that it has granted full approval to the COVID vaccine created by Pfizer (PFE) and BioNTech (BNTX) for people 16 years old and above. Previously, the product had been used under an emergency approval.
The full approval could open the door to increased vaccine mandates. Meanwhile, the shot can still be administered to people aged 12-15 years under the emergency use authorization.
On the news, PFE rose almost 3% in intraday trading. BNTX climbed about 11%.
Sticking to drug development space, Axsome Therapeutics (AXSM) said the FDA has not asked for additional data to review an application for its experimental AXS-05 product as a treatment for major depressive disorder. A review of the application is ongoing, the company said. AXSM rose about 9% on the news.
Editas Medicine (EDIT) also got a boost during intraday action. The company presented new data on its SLEEK gene-editing technology at a conference. The news sent shares higher by nearly 10%.
Earnings news gave a bump to Madison Square Garden Entertainment (MSGE). The stock advanced nearly 11% in midday trading.
The company posted a loss for its latest quarter and missed expectations on its bottom line. However, revenue substantially topped expectations. The top-line figure came in at $99.8M -- about $29M above analysts' projection.