Pfizer Stock Brushes Off Forecast Cut on Analyst Upgrade

Jefferies sees a buying opportunity for PFE

Deputy Editor
Oct 16, 2023 at 10:51 AM
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The shares of Pfizer Inc (NYSE:PFE) have reversed their premarket losses, up 4.5% at $33.57 at last glance. The company slashed its full-year revenue forecast, citing decreasing demand for its Covid vaccine. However, Jefferies upgraded the stock to "buy" from "hold" after the update, seeing an attractive entry point for the stock. Meanwhile, no fewer than three other analysts chimed in with price-target cuts this morning. 

On the charts, the $31 level -- home to the stock's recent Sept. 28 three-year low of $31.78 -- has provided a firm level of support lately. The stock is still seeing pressure from a trendline connecting lower highs since July, and is trading below most notable moving averages. Since the start of the year, the equity is down 34.7%. 

So far in the options pits today, 50,000 calls and 30,000 puts have been exchanged, which is triple the options volume typically seen at this point. The weekly 10/27 35-strike call is the most popular, with new positions being sold to open there. 

Calls have far outweighed puts in the last couple weeks, per PFE's 10-day call/put volume ratio of 5.79 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio ranks higher than 98% of readings from the past year, 

 

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