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Pfizer (PFE) stock jumped after the company reported an increase in earnings and sales in the first quarter. However, now PFE stock is in the red.Pfizer Inc (NYSE: PFE) stock experienced an increase in volatility after the company released its first-quarter report. The volatility increase is well evident in the one-hour Japanese candlestick chart, which closed with a huge bar both on the upside and downside of the previous day’s close. At the time of writing, the stock was trading at .04, although lower than the previous days, the price is still higher in comparison to last week’s all-time high. Yesterday, Pfizer stock closed at .33 and opened today at .05.The American multinational pharmaceutical corporation, which is listed on the New York Stock Exchange and a component of the
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Pfizer (PFE) stock jumped after the company reported an increase in earnings and sales in the first quarter. However, now PFE stock is in the red.
Pfizer Inc (NYSE: PFE) stock experienced an increase in volatility after the company released its first-quarter report. The volatility increase is well evident in the one-hour Japanese candlestick chart, which closed with a huge bar both on the upside and downside of the previous day’s close. At the time of writing, the stock was trading at $38.04, although lower than the previous days, the price is still higher in comparison to last week’s all-time high. Yesterday, Pfizer stock closed at $38.33 and opened today at $39.05.
The American multinational pharmaceutical corporation, which is listed on the New York Stock Exchange and a component of the Dow Jones Industrial Average, saw a successful first quarter mostly contributed by the coronavirus outbreak.
First Quarter Report
The company reported a profit of 80 cents per share on $12.03 billion in sales made during the first three months of the year. The rise surpassed the set estimates, whereby a survey by Zacks Investment Research expected the company to earn 70 cents per share.
This was almost similar to another poll that expected the company to earn 73 per share in the first quarter. However, the figure is lower than what the company paid out, as it paid 85 cents per share and reported $13.12 billion in sales.
This shows the company sales have declined a bit caused by the ongoing coronavirus, which has infected 2,954,222 people globally according to WHO and killed 202, 597 victims. The virus which is already in 213 countries, areas, or territories has stalled the normal business and day to day life that we were all used to.
Despite the fall in its sales in comparison to the prior year, the company is among the biotech companies racing to develop a coronavirus vaccine. The company’s total sales dropped by 8% on a year-over-year basis, despite being higher than analysts’ estimate of $11.8 billion.
Pfizer (PFE) Stock Amid Coronavirus
The company is working with a German firm BioNTech in bid to accelerate the coronavirus vaccine development and also be in a position to scale up the manufacturing of the possible vaccine. The team is looking forward to beginning human trials by the end of this month.
“We are fully committed to confronting the public health challenge posed by the COVID-19 pandemic by collaborating with industrial partners and academic institutions to develop potential approaches to prevent and treat COVID-19,” Pfizer CEO Albert Bourla said during the earnings release.
The company is estimating it can potentially produce millions of coronavirus vaccine doses by the end of this year, and hundreds of millions of doses by the end of next year if the project is successful.
According to the report, the company reaffirmed 2020 guidance for EPS of $2.82- $2.92 on $48.5 to $50.5. It included a full year of contributions from Biopharma and Upjohn.
In the extended hours after the market closed on April 27, Pfizer stock was up by 1.75% to hit $39. The stock is expected to continue rising in this quarter and the next due to speculative trading that has marred biotech companies amid the coronavirus pandemic.
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