5 Beaten Down Stocks Billionaires Are Crazy About

2. Pfizer Inc. (NYSE:PFE)

Number of Billionaire Holders: 18

Founded in 1849, New York-based, Pfizer Inc. (NYSE:PFE) is a leading research-based biopharmaceutical company. Its product portfolio and pipeline includes several pharmaceutical therapies for primary care, specialty care, and oncology, including mRNA-based COVID-19 vaccine – COMIRNATY, and covid-19 treatment – PAXLOVID.

On October 31, Pfizer Inc. (NYSE:PFE) released its financial results for the third quarter of 2023. Its revenues declined by 42% y-o-y to $13.2 billion, while it reported a net loss of $2.4 billion. The drastic drop resulted from a decline in the company’s revenue from Comirnaty and Paxlovid. On the other hand, the revenues for non-covid products of the company increased 10% operationally.

On December 1, Pfizer Inc. (NYSE:PFE) announced topline data from the Phase 2b clinical trial investigating its oral Glucagon-like peptide-1 receptor agonist (GLP-1RA) candidate, danuglipron, in adults with obesity and without type 2 diabetes. The study demonstrated statistically significant change in body weight from baseline.

As of Q3 2023, 73 of the 910 hedge funds tracked by Insider Monkey were long Pfizer Inc. (NYSE:PFE), holding shares worth $2.4 billion. Prominent hedge funds such as Citadel Investment Group, D E Shaw, and Two Sigma Advisors, among others, held the most shares of the company.