Pfizer stock dropped 60% after pandemic peak, but Q2 revenue grew, showing signs of recovery.

From Nasdaq: 2024-10-07 09:25:00

Pfizer Inc. peaked during the pandemic with its COVID-19 vaccines driving shares up to $61.71, but has since experienced a 60% decline to $25.20 in April 2024. However, revenue in Q2 2024 grew for the first time since Q4 2022, with adjusted gross margin improving to 79%.

With a robust pipeline of 113 drugs, including a GLP-1 treatment for weight loss, Pfizer’s oncology franchise saw a 27% revenue jump. Pfizer stock trades at 10.74x forward earnings and provides a 5.88% dividend yield, falling into value territory, despite selling $3.26 billion of Haleon plc stock.

Pfizer stock completed a weekly cup pattern with a potential handle set-up, showing signs of a breakout. Fibonacci pullback support levels are at $27.30, $26.30, $25.21, and $23.71. The average consensus price target for Pfizer is $34.54, with the highest analyst target at $45.00.



Read more at Nasdaq:: 4 Reasons Pfizer Could Be a Value Play You Can’t Miss