10 Cheap NYSE Stocks To Invest In Now

8. Pfizer Inc. (NYSE:PFE)

Current Forward P/E as of December 16: 8.58

Number of Hedge Fund Holders: 80

Pfizer Inc. (NYSE:PFE) is a global biopharmaceutical company engaged in the research, development, manufacturing, and commercialization of healthcare products, including medicines and vaccines. It boasts an international portfolio of 100+ drugs with a focus on oncology, primary care, and specialty care.

Its oncology business is a key growth driver, with revenue growing 31% year-over-year in the third quarter of 2024. This success is attributed to both legacy Seagen and Pfizer products. Seagen was acquired by Pfizer Inc. (NYSE:PFE) last year. One of its products, TALZENNA, a prescription medication used to treat certain types of cancer, demonstrated a 77% increase in the quarter. This was supported by the release of promising overall survival data from the TALAPRO study, which investigated the combination of TALZENNA with XTANDI (for the treatment of prostate cancer) in patients with metastatic castration-resistant prostate cancer (mCRPC). The results of this combination showed improved survival in patients.

The company’s robust oncology pipeline strengthens its position, underscoring Pfizer Inc.’s (NYSE:PFE) commitment to delivering breakthroughs that change patients’ lives and positions the company for continued growth in this area.

Parnassus Value Equity Fund stated the following regarding Pfizer Inc. (NYSE:PFE) in its first quarter 2024 investor letter:

“During the quarter, we added new positions in Pfizer Inc. (NYSE:PFE), NICE and Charter Communications. We purchased Pfizer to capture the potential upside from any turnaround following the COVID-induced boom-bust cycle of the last few years. Pfizer’s stock price sank by more than 40% in 2023 as COVID-19 vaccine revenues rolled off, providing an attractive entry point for us. The company completed its acquisition of Seagen, which should strengthen Pfizer’s pipeline in antibody-drug conjugates (ADC). Pfizer also offers an attractive dividend yield.”