Why Pfizer Stock Popped on Monday
Pfizer (NYSE: PFE) stock jumped 3.1% through 11:20 a.m. ET Monday morning in response to a Wall Street Journal article over the weekend, reporting on a $1 billion investment in the company by activist investor Starboard Value.
With Pfizer stock down 50% from the record-high prices its shares commanded during the height of the pandemic, Starboard is offering to help Pfizer turn its business around.
As the Journal explains, Pfizer bet big on vaccines to protect people from COVID, but as the pandemic waned, so did interest in (and sales of) its mRNA vaccines. The company was also late out of the gate on GLP-1 weight loss drugs that have been powering the businesses of rivals Novo Nordisk and Eli Lilly. Meanwhile, Pfizer's been spending its pandemic winnings like a drunken sailor, splashing out $5.4 billion to buy Global Blood Therapeutics, $6.7 billion to buy Arena Pharmaceuticals, $11.6 billion for Biohaven Pharmaceutical, and $43 billion for Seagen and its cancer drugs.
Source Fool.com
Pfizer Inc. Stock
With 15 Buy predictions and only 2 Sell predictions the community sentiment for the stock is positive.
With a target price of 29 € there is a positive potential of 33.61% for Pfizer Inc. compared to the current price of 21.71 €.
