Since 2020, investors have been rallying behind shares of Pfizer and Germany's BioNTech, two companies that were poised to play a crucial role in helping bring an end to a devastating pandemic. Those bets have paid off.
What's happening: On Monday, the U.S. Food and Drug Administration (FDA) granted full approval to the Pfizer-BioNTech coronavirus vaccine for people aged 16 and over. It's the first vaccine to receive this designation.
Pfizer shares gained 2.5 percent, while BioNTech's stock jumped 9.6 percent.
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