By Liz Moyer

Investing.com — Pfizer Inc shares rose following approval by the Food and Drug Administration of its Covid-19 booster shot, which is for children 5-11 years old. 

Pfizer shares rose 0.6% on Tuesday in mid-afternoon trades, while BioNTech SE (NASDAQ) shares increased 5.5%. The shares of their competitor in the development and distribution of mRNA vaccines for Covid rose 5.5%. Moderna Inc (NASDAQ:) increased 3.7%

The FDA said that the data show the protection provided by two shots fades with time and that a third shot can shore up protection for children. The FDA stated that there are many benefits to be had, and the risk is minimal. 

Parents are still putting off vaccinating school-aged children. As of April, less than 30 percent of children between 5 and 11 had received their two primary doses. According to the Centers for Disease Control and Prevention. They are expected to meet again Thursday to discuss boosters.

In June, the FDA’s advisory committee on vaccines will meet to discuss requests by Moderna and Pfizer to approve Covid vaccines in children below 5.