There’s no doubt that healthcare stock Pfizer (NYSE:PFE) made substantial money on the COVID-19 pandemic, being one of the first to roll out a vaccine. Now, it’s taking some of that cash and picking up a new company with it. The news was reasonably pleasing to investors, and Pfizer notched up fractionally as the deal is likely to pass Federal Trade Commission (FTC) muster.
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In something of a first—we’ve certainly heard the opposite a lot more lately—the FTC is likely to approve Pfizer’s planned purchase of Seagen (NASDAQ:SGEN) in about two to three weeks. A European review is expected to conclude in roughly the same time frame, with the European Commission setting a deadline of October 19. The deal is valued at a hefty $43 billion. Seagen, for its part, focuses on cancer care and has several drugs already in its pipeline to take that disease on.
What is Pfizer’s Target Price?
Meanwhile, analyst consensus has something a little less rosy to say, but not by much. Analyst consensus calls Pfizer stock a Moderate Buy, supported by five Buy and eight Hold ratings. Further, with an average price target of $45.08, Pfizer stock offers investors 34.93% upside potential.