Pfizer (NYSE:PFE) churns as investors price in bigger cancer pipeline discount after Seagen drug miss
Pfizer traded near flat in early premarket hours on Wednesday after a round of heavy selling that didn’t move the price much. Shares were at $24.76 at 7:07 a.m. EDT, just 0.16% higher than Tuesday’s $24.72 close. The stock is down about 14% from its 52-week high and up around 7% from its low. Pfizer shares ended down 1.44% on Tuesday. Volume was huge, with 81.9 million shares traded—well above the 50-day average of 36.8 million. Notional turnover at the close was about $2.0 billion, a lot for just one day tied to a clinical update. The S&P 500 dropped 1.44% too, but Pfizer trailed rival drugmakers: Johnson & Johnson gained 3.37%, Eli Lilly added 0.45%.