Shares of Pfizer $PFE were down more than 5% yesterday. The state of Texas sued them for falsely sharing vaccine effectiveness, according to Bloomberg. The prosecutor is demanding $10 million from the company. USD 10.
At the same time yesterday, Pfizer announced the end of development of a weight loss drug due to side effects in patients.
I was stammering that the drop was bigger but didn't know why so thanks for the info. I do have Alxie PFE in my portfolio, but they make up and I want them to make up a smaller portion of the portfolio.
I don't follow this company much anymore since covid.
Pfizer's been on my radar since Covid. As are many other investors, of course. It's clear that the discovery of mRNA action is the biggest since the discovery of penicillin, but at Pfitzer, BioNTech led the research and that's just one of the eggs in their basket. However successful further mRNA research is, it will only be a small part of Pfizer and therefore with less impact on the share price. The latter is mostly dependent on other areas of their business and so Pfizer is almost as "boring" a company to me as, say, Johnson & Johnson.
I don't have a fully formed opinion on this area yet, but Moderna is emerging as much more promising in this area. Well if it becomes my R/R for 2024 I will report in more detail.
As for Pfitzer's current situation, I think it's too small for a major price swing and this "boring" stock will simply go on with the market.