Biotech stocks headed higher in the week ended Dec. 5 as broader market optimism pervaded into the sector. The sector also continued to get support from vaccine-related positive news flow.
The biggest headline of the week was the first-ever emergency-use authorization of a coronavirus vaccine candidate. The U.K. became the first country to conditionally approve a vaccine, as the nation’s regulator gave its nod to Pfizer Inc. (NYSE: PFE) and BioNTech SE – ADR (NASDAQ: BNTX) for their mRNA vaccine, BNT162b2. The timeline for authorizations elsewhere has also been set.