Pfizer (NYSE: PFE) stock rebounded from their 11-year low on Wednesday following bullish remarks from the CEO of Ritholtz Wealth Management.
In a recent appearance on CNBC’s “Fast Money Halftime Report,” Josh Brown, the co-founder and CEO of Ritholtz Wealth Management, touted Pfizer (PFE) as a prime investment opportunity in the current market landscape.
Brown emphasized that the pharmaceutical titan Pfizer dedicated itself entirely to producing vaccines during the COVID-19 pandemic and is now recovering from a decline in vaccine demand. He noted that the absence of imminent catalysts has led investors to sell their Pfizer shares and seek other investment opportunities.
Brown believes that Pfizer offers a perfect opportunity for those planning to hold shares for the long term. He highlighted the company’s recent acquisition of Seagen, predicting it to have “huge potential” in the forthcoming years.
Brown stated,
“Pfizer has been in operation for 175 years. They’ve encountered similar challenges in the past… They consistently manage to restore revenue growth and restructure the company. I don’t foresee this occasion being any different, so I’m a buyer at under $30, and we’ll observe the developments in the upcoming years.”
Brown disclosed to CNBC that he had bolstered his stake in Pfizer by 50% during the week and hinted at the possibility of further accumulation should the opportunity arise.
Pfizer (NYSE: PFE) Stock Price Action
PFE stock soared 4.26% to close at $27.19 on Wednesday. The traders had exchanged hands with 84,652,948 (84.65 million) shares compared to the average daily trading volume of 48.03 million.
