Is Pfizer Stock A Sell After Its Brief Revival Fizzles Out?

Is Pfizer Stock, At A Fresh Low, A Sell Amid The Search For Its Big Break?

Pfizer stock remains under pressure despite becoming one of the biggest names of the pandemic.

Investor's Business Daily

By ALLISON GATLIN

After a short-lived pop following its revised Paxlovid agreement with the U.S. government, Pfizer (PFE) stock has resumed declining in October.

The company recently unveiled updated guidance for the year, and now expects $58 billion to $61 billion in sales — about $9 billion less than the previous outlook. This comes amid sloping demand for its BioNTech (BNTX)-partnered Covid vaccine, Comirnaty, and its antiviral pill, Paxlovid.

Pfizer also stepped down its operating expenses from a run rate of $27 billion this year to $23.5 billion, Leerink Partners analyst David Risinger said in a report. But he cut his price target on Pfizer stock to 35 from 40 “due to uncertain long-term growth prospects.”

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