Pfizer (NYSE:PFE) Stock Price Up 3.3% – Here’s Why

Pfizer Inc. (NYSE:PFE) shares shot up 3.3% during mid-day trading on Wednesday . The company traded as high as $30.35 and last traded at $30.15. 17,249,922 shares were traded during mid-day trading, a decline of 54% from the average session volume of 37,310,957 shares. The stock had previously closed at $29.18.

Analyst Upgrades and Downgrades

PFE has been the topic of several recent research reports. Daiwa Capital Markets raised Pfizer from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $28.00 to $34.00 in a report on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 price target on shares of Pfizer in a research note on Thursday, October 3rd. UBS Group raised their target price on shares of Pfizer from $30.00 to $31.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Wells Fargo & Company boosted their target price on Pfizer from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Finally, Daiwa America raised Pfizer from a “moderate buy” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Pfizer presently has an average rating of “Moderate Buy” and an average price target of $34.54.

Pfizer Trading Up 3.8 %

The firm has a market capitalization of $171.70 billion, a P/E ratio of -502.50, a PEG ratio of 1.23 and a beta of 0.67. The stock has a fifty day simple moving average of $29.09 and a 200 day simple moving average of $28.35. The company has a quick ratio of 0.60, a current ratio of 0.86 and a debt-to-equity ratio of 0.65.

Pfizer (NYSE:PFE) last released its earnings results on Tuesday, July 30th. The biopharmaceutical company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.14. The business had revenue of $13.28 billion during the quarter, compared to the consensus estimate of $12.96 billion. Pfizer had a positive return on equity of 8.42% and a negative net margin of 4.66%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $0.67 earnings per share. As a group, research analysts forecast that Pfizer Inc. will post 2.66 EPS for the current year.

Institutional Trading of Pfizer

A number of hedge funds and other institutional investors have recently made changes to their positions in PFE. FAS Wealth Partners Inc. grew its holdings in shares of Pfizer by 1.3% during the second quarter. FAS Wealth Partners Inc. now owns 26,306 shares of the biopharmaceutical company’s stock worth $736,000 after purchasing an additional 342 shares during the last quarter. Sachetta LLC raised its holdings in Pfizer by 7.3% in the 2nd quarter. Sachetta LLC now owns 5,010 shares of the biopharmaceutical company’s stock valued at $140,000 after acquiring an additional 342 shares during the last quarter. Ironvine Capital Partners LLC boosted its position in shares of Pfizer by 2.1% in the first quarter. Ironvine Capital Partners LLC now owns 16,953 shares of the biopharmaceutical company’s stock worth $470,000 after acquiring an additional 353 shares during the last quarter. Secure Asset Management LLC grew its position in Pfizer by 0.6% during the second quarter. Secure Asset Management LLC now owns 58,328 shares of the biopharmaceutical company’s stock valued at $1,632,000 after acquiring an additional 353 shares during the period. Finally, Patrick M Sweeney & Associates Inc. lifted its holdings in shares of Pfizer by 0.8% during the 2nd quarter. Patrick M Sweeney & Associates Inc. now owns 42,162 shares of the biopharmaceutical company’s stock valued at $1,180,000 after acquiring an additional 355 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

About Pfizer

Pfizer Inc discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products in the United States, Europe, and internationally. The company offers medicines and vaccines in various therapeutic areas, including cardiovascular metabolic, migraine, and women's health under the Eliquis, Nurtec ODT/Vydura, Zavzpret, and the Premarin family brands; infectious diseases with unmet medical needs under the Prevnar family, Abrysvo, Nimenrix, FSME/IMMUN-TicoVac, and Trumenba brands; and COVID-19 prevention and treatment, and potential future mRNA and antiviral products under the Comirnaty and Paxlovid brands.