10 Most Buzzing Stocks To Buy Now

7. Pfizer Inc. (NYSE:PFE)

Volume: 23.383 million

Average Volume (3-Month): 32.17 million

Number of Hedge Fund Holders: 84

Pfizer Inc. (NYSE:PFE) is a pharmaceutical and biotech company, greatly known for its success with the coronavirus vaccine, Comirnaty. In 2022, the vaccine helped generate over $100 billion in revenue, the highest in the company’s history. But the demand for the vaccine hasn’t materialized after the pandemic years.

Comirnaty sales in the second quarter of 2024 were only $195 million, a sharp 87% decline from the previous year, with no signs of a rebound expected. Pfizer Inc. (NYSE:PFE) still has strong potential for success as its patent-protected drugs give it strong pricing power.

In the second quarter of 2024, the company reported $13.28 billion in revenue, a 4.31% year-over-year improvement. There was also a 14% rise in operational revenue from non-COVID products.

It currently markets 3 oncology therapies: Ibrance for breast cancer, Xtandi for prostate cancer, and Inlyta for kidney cancer. These along with others contribute significantly to the annual sales. What sets Pfizer apart in the oncology field is its commitment to innovation and strategic acquisitions.

In March, it acquired Seagen for $43 billion, a biotechnology firm specializing in antibody-drug conjugates (ADCs). This alone will help contribute over $10 billion in risk-adjusted revenues by 2030.

In August, the FDA allowed Moderna Inc., Pfizer Inc. (NYSE:PFE), and its partner BioNTech SE (NASDAQ:BNTX) to roll out their new shots over the coming days, both of which plan to offshoot Omicron known as the KP. Therefore, before respiratory illness season arrives this fall, there will be new COVID-19 shots.

84 hedge funds are long in the company so it is popular among elite money managers. Citadel Investment Group was the company’s leading stakeholder as of June 30, with a position of $827,944,988.

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.”