Pfizer, Inc. (NYSE:PFE) shares are trading higher on the first trading day of 2024 after the stock lost more than 40% in 2023. Here's a look at what's going on.
What To Know:
Pfizer shares may be moving in sympathy with fellow drug-maker, Moderna, Inc. (NASDAQ:MRNA) which is up nearly 15% Tuesday. Openheimer upgraded Moderna's stock from Perform to Outperform, and the company said that it expects sales growth in 2025.
A rise in respiratory virus activity this season could also positively impact demand for Pfizer's vaccines.
Pfizer recently announced the completion of its acquisition of Seagen Inc. for $229 per share and a total value of approximately $43 billion.
The company also recently provided its full-year 2024 guidance with expected revenue of between $58.5 billion and $61.5 billion, versus the consensus estimate of $63.17 billion.
According to data from Benzinga Pro, Pfizer shares are trading above the stock's 50-day moving average of $29.50, yet well-below its 52-week high of $51.66.
PFE Price Action: According to Benzinga Pro, Pfizer shares are up 4.5% at $30.11 at the time of publication.