Weakness in Pfizer (PFE) is an opportunity.
After dropping from about $55 to $51.83, the stock appears to have caught strong support. The company also just received US FDA fast track designation for a single-dose COVID and flu vaccine. “The candidate provides protection against the BA.4/BA.5 Omicron sublineages and four different influenza strains — as recommended for use in the northern hemisphere by the World Health Organization,” says Barron’s.
There are also reports of rising COVID and influenza across the U.S. For example, according to CNN, “Since October, the Covid-19 hospitalization rate among seniors has been at least four times higher than average. Even during the first winter surge in 2020, when Covid-19 took a devastating sweep through nursing homes, there was never more than a three-fold difference.”
And, according to ABC News, the U.S. just saw its 100 millionth case, and is now the first country to report cases in the nine-figure range, according to Johns Hopkins.
But even that may be an undercount. As also noted by ABC News: Dr. John Brownstein, an epidemiologist and chief innovation officer at Boston Children’s Hospital said that while the 100 million mark is momentous, it’s also a severe undercount.
“Obviously it’s a milestone that signifies the sheer amount of transmission that has occurred around this virus and the population burden that we have faced,” he said. “At the same time, we recognize that reported cases are absolutely a massive undercount — at the beginning of the pandemic where testing was nonexistent to the shift to home testing where a significant proportion of cases has gone unreported.”
PFE last traded at $51.83. We’d like to see it closer to $60.