10 Best Pharma Stocks To Buy Right Now

3. Pfizer Inc. (NYSE:PFE)

Number of Hedge Fund Holders: 84

Pfizer Inc. (NYSE:PFE) is a leading global pharmaceutical company that develops, manufactures, and sells prescription medications, vaccines, and consumer healthcare products, focusing on treatments for a wide range of medical conditions, from common ailments to rare diseases.

On October 29, Pfizer posted results for the fiscal third quarter of 2024. The company reported earnings per share of $1.06, surpassing the consensus estimate of $0.62, and revenues of $17.7 billion, above the expected $14.92 billion. Adjusted R&D expenses were $2.56 billion, below the forecast of $3.06 billion, while adjusted selling, informational, and administrative expenses (SI&A) were $3.22 billion, compared to an estimate of $3.42 billion. Excluding revenues from Comirnaty and Paxlovid but including contributions from Seagen, Pfizer Inc. (NYSE:PFE) anticipates operational revenue growth of 9% to 11% in 2024 compared to 2023.

On October 8, BMO Capital Markets maintained its Outperform rating on Pfizer Inc. (NYSE:PFE) with a price target of $36. The firm noted the recent investment by activist investor Starboard Value, which acquired a significant stake in the pharma giant, investing around $1 billion, equivalent to approximately 0.62% of the company’s equity value as of October 4, 2024.