Why Pfizer Stock Tanked in February
Shares of the multinational pharmaceutical giant Pfizer (NYSE: PFE) slid by a noteworthy 10.3% over the course of February, according to data from S&P Global Market Intelligence. The drugmaker's shares, in fact, fell harder and faster than the Dow Jones Industrial Average, the Nasdaq Composite, and the S&P 500 last month.
What sparked this dramatic downturn? Pfizer has strong commercial ties to China mainly through its Upjohn generic-drug business. Investors, therefore, appear to be concerned that the COVID-19 illness, which has fanned out across China since the start of the year, will have a negative impact on drug sales in this key emerging market, perhaps for the remainder of the year.
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Source Fool.com
