The pharmaceutical giant Pfizer Inc. (NYSE:PFE) has recently gone through several updates that are likely to make an impact over the stock price. Recently the company announced an investment of about 750 million USD in its known manufacturing facility. This is likely to boost the manufacturing of some of its prominent productions.
The company announced a staggering amount of 750 million USD to be allocated towards its manufacturing facility in Kalamazoo County of Michigan State. It will increase the production of specific medical products including injectable medicines and vaccines. Prominent mRNA flu vaccine—currently under investigation stage of Phase 3 clinical trials—also included in the same category.
Moreover the company would be hiring about 300 employees. There would be analysts, technicians, scientists, quality specialists, data analysts and chemists as well.
Pfizer Stock Price Movement
Pfizer stock price is trading under selling pressure after constant bullish rally. Bullish momentum started from the 41 USD mark, and flipped into the vital support zone. This lower-highs price action suggests the retracement phase which was expected so far. As of now, the 20-day moving average acts as a red zone of volatility, meanwhile stock price is remaining below this level.
Currently Pfizer stock is trading over 50 USD with 1% increase in a day. Over the year over year timeframe the trading price has dropped over 2%. However the journey during the whole year was full of lots of ups and downs all over.
The recent update of investment within an already well performing production unity is likely to impact PFE stock price. Production of some of the top class medicinal products seeking to launch in near future would upgrade the company’s image all over.
Although there is another update revolving around Pfizer includes lawsuit issues with competitor firm Moderna. Recently the New York based pharmaceutical giant along with BioNTech filed a counter suing lawsuit against Moderna.
The company filed the lawsuit against Pfizer in August. The former a lleged the latter for violating rights related to the Covid-19 pandemic vaccine. Now Pfizer filed for a legal action seeking the other company to take back the filed lawsuit.
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Source: https://www.thecoinrepublic.com/2022/12/08/pfizer-stock-to-enjoy-investment-in-manufacturing-facility/