Why Pfizer Stock Tumbled on Tuesday
Tuesday was a fairly eventful news day for U.S. pharmaceutical sector company (NYSE: PFE). It reported third-quarter earnings and updated investors about its relationship with an activist investor in its ranks. Neither of these occurrences impressed the market, however, and the company's share price dipped by more than 1%. That was on a day when the S 500 index closed in the black, albeit modestly at 0.2%.
Well before market open, Pfizer unveiled those quarterly results. These showed that the company's revenue was $17.7 billion, for a strong 32% year-over-year improvement when factoring sales of Covid treatment Paxlovid and vaccine Comirnaty. If those two high-profile products are taken out of the calculation, the healthcare giant's top-line growth would have been 14%.
As for earnings, Pfizer's non-GAAP (adjusted) bottom line flipped into the black. The company earned a profit of just over $6 billion, quite a change from the $968 million loss in the year-ago period.
Source Fool.com
Pfizer Inc. Stock
We see a rather positive sentiment for Pfizer Inc. with 15 Buy predictions and 2 Sell predictions.
As a result the target price of 29 € shows a positive potential of 33.95% compared to the current price of 21.65 € for Pfizer Inc..
