Buy the Dip in Pfizer, Here’s Why By StockNews

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© Reuters. Buy the Dip in Pfizer, Here’s Why

The world’s premier biopharmaceutical company Pfizer’s (PFE) COVID-19 vaccine approval by the FDA marked a breakthrough achievement in the world’s battle with the COVID-19 pandemic. As the company prepares to roll out booster doses, it is well-positioned to see strong sales growth in the near term. And now that the stock is trading below its 52-week price high, we believe it’s the perfect time to scoop up its shares. So, let’s discuss.Global biopharmaceutical company Pfizer Inc. (NYSE:), which is based in New York City, manufactures, markets, and sells medicines and vaccines worldwide. The New York-based vaccine maker catapulted into the limelight after producing the Pfizer-BioNTech COVID-19 vaccine last year. It is now marketed as Comirnaty, for preventing COVID-19 disease in individuals 16 years of age and older. PFE’s shares have rallied 20.2% in price over the past three months, driven by news of its COVID-19 vaccine becoming the first of its kind to be fully approved by the U.S. Food and Drug Administration.

Closing yesterday’s session at $46.75, PFE is trading just 9.9% below its 52-week price high of $51.86. As COVID-19 cases in the United States hit 40 million, more unvaccinated individuals are likely to go for the FDA-approved vaccine amid the rapid spread of the virus’ Delta variant. Furthermore, as the company prepares to roll out its booster shots, the drugmaker should witness a strong surge in sales in the coming months.

In addition, PFE raised its 2021 financial guidance for the second consecutive quarter due to increased expected contributions from its COVID-19-related and mRNA-based programs, as well as other business segments.

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