Benzinga | Nov 5, 2021 09:45AM EDT

Why Carnival Shares Are Rising

Shares of several travel-related companies, including Carnival Corp (NYSE:CCL) are trading higher following positive data from Pfizer for its COVID-19 oral antiviral treatment candidate.

According to Pfizer: * PAXLOVID(tm) was found to reduce the risk of hospitalization or death by 89% compared to placebo in non-hospitalized high-risk adults with COVID-19

* In the overall study population through Day 28, no deaths were reported in patients who received PAXLOVID(tm) as compared to 10 deaths in patients who received placebo

Pfizer plans to submit the data as part of its ongoing rolling submission to the U.S. FDA for Emergency Use Authorization (EUA) as soon as possible

Carnival is the largest global cruise company, set to deploy 50 ships on the seas by the end of fiscal 2021 as the COVID-19 pandemic wanes.

Carnival has a 52-week high of $31.52 and a 52-week low of $13.45.