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- 1 The American pharma company posted Q2 2023 earnings on August 1, 2023.
- 2 Pfizer lost over 50% of its revenue in the yearly time frame.
- 3 PFE stock price is suffering a great deal given the company performance which fell over 30% YTD.
The COVID-19 pandemic put brakes on the growth of companies across industries worldwide. However, the pharmaceutical sector, especially those indulged in manufacturing vaccines to counter the virus, continued the growth. The American biopharmaceutical company, Pfizer Inc. (NYSE: PFE) was among the first companies to introduce a successful antidote. This made the company billions of dollars in sales and PFE stock price to attain its highest trading levels.
However, with the world going back to normalcy again, the other businesses are picking up a gradual pace, and the COVID-19 vaccine-given charm to Pfizer is eroding.
Recently the New York-headquartered company reported second-quarter earnings results on August 1st, 2023. The drop in revenue and income of the pharma company missed the estimates by slight margins but marked huge year-over-year declines. Though the PFE stock price was in declining motion already, the negative earnings pushed the price down.
Pfizer posted $12.73 Billion in revenue for the quarter ended in June 2023. This marks the subsequent drop of over 30% from $18.28 Billion last quarter and 54% from the revenue of $27.7 Billion a year ago.
The earnings per share (EPS) remained at $0.67 marking a 67% decline in a yearly time frame. The net income for Q2 2023 was $2.33 Billion after falling over 75% from $9.9 Billion in Q2 2022.
Meanwhile, prominent financial institutions made adjustments in the stock rating and price target for PFE stock price. Morgan Stanely decreased the price target from $42 to $40 keeping the ‘equalweight’ rating.
PFE stock price target from Goldman Sachs dropped from $58 to $54 and maintained the ‘buy’ rating. JPMorgan set the price to $39 from $41 keeping a ‘neutral’ rating.
PFE Stock Price Movement
Pfizer stock price is trading at $35 following the intraday trading session on Friday, 4th August 2023. Last week, PFE stock price dropped by 5% after posting declining earnings.
The stock price is in a downfall since the start of this year and it continued to create lower lows. PFE stock is at multi-year lows at the current price after losing over 30% year-to-date.
Pfizer stock price is below 50 and 200-day moving averages which witnessed a death crossover in February this year. Following the instance, the price took a heavy downturn and the gap between the moving averages getting broader.
MACD for PFE stock is below the zero line, hardly showcasing any indication of any uptick in the recent future. RSI is at 33 and its further movement is likely to take a downside turn.
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Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
