Pfizer, Inc. (NYSE: PFE) and BioNTech SE (NASDAQ: BNTX) disclosed that they have decided to develop a new shot that targets the new variant which is called Delta Variant. It has been reported by The Wall Street Journal that Pfizer is preparing to seek the authorization of the FDA for the distribution of the booster against Delta Variant.

Pfizer and BioNTech revealed in an official statement that there is promising data from the use of a third booster shot of their current BNT162b2 vaccine, which is broadly inoculated in two doses given three weeks apart. Both the firms are anticipating commencing clinical trials of the third shot in August.

Shares of Pfizer plunged 0.25% during the trading session of Thursday. The firm has recorded a trading volume of 22.59 million as compared to the average volume of 26.14 million. In the past 52-week of a trading session, the share of the firm oscillated between the 52-week low and high range of $31.37 and 43.08, respectively. Pfizer has a total market capitalization of $218.77 billion at the time of writing.

Furthermore, Delta Variant is currently spreading rapidly all around the globe which increases the concerns of the regulators. The new booster of Pfizer-BioNTech is a new hope to lessen the effects of turmoil caused by the Delta variant of COVID-19. Recently, Japan has also stopped spectators from watching Tokyo Olympics because of increasing COVID-19 cases caused by the Delta variant.