PFE Stock Price: Pfizer Inc keeps falling despite soaring covid cases

Update, January 5: NYSE: PFE fell another 3.74% on Tuesday, tracking the sell-off in shares of COVID-19 vaccine makers, despite the relentless rise in new covid infections across the globe. With Tuesday’s tumble, Pfizer share price is down about 7% so far this week, having hit the lowest levels in three weeks at $53.94. PFE stock price did manage to recapture $54.50 on Tuesday’s close. Markets have been ignoring encouraging news as well, especially after the Food and Drug Administration (FDA) on Monday expanded booster-dose authorizations, allowing children aged 12 to 15 to receive a Pfizer booster.

NYSE:PFE definitely started 2022 off on the back foot as vaccine stocks tumbled out of the gate despite the ongoing surge in COVID-19 cases around the world. On Monday, shares of Pfizer fell by 4.06% and closed the first trading session of the year at $56.65. It was red across the board for vaccine makers as Pfizer’s German running mate BioNTech (NASDAQ:BNTX) fell by 10.07% and Moderna (NASDAQ:MRNA) also plummeted by 7.45%. The rest of the markets were doing just fine though as the S&P 500 and Dow Jones both climbed higher to new all-time highs, while the tech-heavy NASDAQ kicked the year off with a 1.20% gain to lead the major indices.

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Despite Pfizer’s stock falling on Monday, all of the news that came out from the company should be considered positive for investors. The FDA officially authorized COVID-19 booster shots for children between the ages of 12 and 15, and even shortened the period between the second dose and the booster to five months. Additionally, the FDA also authorized a booster shot for children ages 5 to 11, who have compromised immune systems and are at higher risk of serious infection.

Pfizer stock forecast

Part of the pessimism surrounding vaccine stocks has been the ongoing rhetoric that COVID-19 vaccines and booster sales will be temporary. As herd immunity kicks in and humans grow stronger to the virus, the need for vaccine doses will certainly wane. Still, as numbers continue to rise around the world, Pfizer should still see high demand for its vaccine and Paxlovin, its antiviral pill, for the remainder of 2022. Forward-looking investors will likely have their eyes peeled for vaccine orders for 2023 and beyond.

Previous updates

Update: NYSE:PFE remained under pressure on Tuesday, falling 2.95% at the time being to trade at $54.91 per share. Wall Street traded mixed, as investors brace with inflationary pressures coupled with record contagions of coronavirus, particularly in the northern hemisphere. The Dow Jones Industrial Average added roughly 270 points to trade at record highs, while the S&P is barely unchanged after spending the day in the redd. The Nasdaq Composite plummeted, down roughly 200 points, while the NYSE added 0.74%. 

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