Uber shares surged 7.38% to close at $48.18 following news that a vaccine candidate is 90% effective at preventing COVID-19, and could start coming to market in a matter of months.
The announcement by drugmakers Pfizer and BioNTech sparked widespread optimism and helped boost shares across industries that have been weakened by the COVID-19 pandemic, including services like ride-hailing.
Uber’s share pop is notable beyond this one-day vaccine-news boost. This is the highest close for Uber since its public market debut in May 2019. This is also the first time since June 2019 that shares closed above its $45 IPO price