Pfizer (NYSE:PFE) Down despite Hefty Number of COVID-19 Shots

Healthcare stock Pfizer (NYSE:PFE) fundamentally changed the world when it released its COVID-19 vaccine. Now, new numbers have emerged about just how many of those shots have been taken up and what the potential market going forward might look like. Investors, however, weren’t happy about those numbers, and that gave Pfizer a fractional loss in the closing minutes of Thursday’s trading session.

The latest word from the Department of Health and Human Services says that over seven million people have taken the latest COVID-19 shot, geared toward the XBB.1.5 subvariant of the Omicron variant of COVID-19. That’s actually fairly impressive, given that the new vaccine emerged only a month ago. Moreover, this is also the first time that COVID-19 vaccines are being offered through commercial markets, reports note. That leaves quite a few left who haven’t taken the vaccine as of yet, though given the current climate, it’s easy to wonder how many actually will.

Meanwhile, that’s not all Pfizer has to show off. Earlier today, Pfizer announced FDA approval for its marketing application that would allow it to expand the label on Braftovi and Mektovi, allowing them to be used for lung cancer patients who also have a certain genetic mutation known as BRAF V600E. Though those patients will have to have that mutation confirmed before the two can be used, that confirmation will open the floodgates. Interestingly, this approval was issued during a Phase 2 trial that’s actually still ongoing, though results were positive.

What is Pfizer’s Price Target?

Turning to Wall Street, analysts have a Moderate Buy consensus rating on PFE stock based on five Buys and eight Holds assigned in the past three months, as indicated by the graphic below. Furthermore, the average PFE price target of $44.83 per share implies 35.81% upside potential.

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