AMC Theatres’ Stock Jumps 7% After Pfizer Vaccine Gets Full FDA Approval

·2-min read
AMC Theatres’ Stock Jumps 7% After Pfizer Vaccine Gets Full FDA Approval

AMC Entertainment got a shot in the arm on Monday, with the world’s largest cinema chain seeing its share price jump 6.9% on the same day Pfizer’s COVID-19 vaccine was fully approved by the U.S. Food and Drug Administration.

The stock bump pushed AMC’s share price to $36.78 by the time the closing bell rung; it was a welcome site for AMC shareholders after the company’s stock had dropped from $72 per share in early June to about $34 on Friday.

Still, even with the recent drop, AMC’s share price is still up 1,730% since the start of the year, as the company has fended off bankruptcy and become a favorite of Wall Street Bets, a popular Reddit forum where users talk about the stock market. (You can read about some of the “average Joe” WSB traders who made big bucks — at least on paper — off of AMC’s wild run this year by clicking here.)

AMC’s Monday move came after the Pfizer-BioNTech vaccine was given an official stamp of approval from the FDA — becoming the first COVID-19 vaccine to get full approval from the administration. Overall, 73% of American adults have received at least one COVID-19 vaccine shot, according to the Centers for Disease Control and Prevention.

Investors seemed to be betting that the FDA’s approval will help spur more people to return to the theaters, with Imax also enjoying a nearly 7% bump in its stock price on Monday; Cinemark fared even better, with its share price increasing 8% on the day.

Studios releasing more movies in theaters will help boost ticket sales, too, obviously, as the major cinema chains are still struggling to rebound from the pandemic. Disney/20th Century Studios’ “Free Guy,” an action comedy starring Ryan Reynolds released exclusively in theaters, earned $18.8 million this past weekend to lead the pack during a quiet movie weekend overall.

Read original story AMC Theatres’ Stock Jumps 7% After Pfizer Vaccine Gets Full FDA Approval At TheWrap

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