Pfizer Stock Is Trading Higher Tuesday: What's Going On?

Pfizer Inc PFE shares are moving higher Tuesday following multiple developments. Here’s a look at what’s going on.

What To Know: Pfizer shares are getting a boost after Reuters reported that FDA advisors are planning to discuss if they should recommend COVID-19 vaccines for 2025-26 targeting the LP.8.1 strain, which has started spreading at a faster rate than other variants.

The news comes after European regulators recommended that new vaccines should include protection against the LP.8.1 subvariant.

The new strain has become the dominant subvariant in the U.S., where it has accounted for an estimated 70% of total cases in recent weeks, according to the Centers for Disease Control and Prevention.

Pfizer shares are also seeing some positive momentum after the company announced a licensing agreement with 3SBio for the development, manufacturing and commercialization of SSGJ-707.

SSGJ-707 is a bispecific antibody targeting PD-1 and VEGF that’s currently being evaluated in multiple clinical trials in China for non-small cell lung cancer, metastatic colorectal cancer and gynecological tumors. 

Under the terms of the agreement, Pfizer will be granted an exclusive global license to develop, manufacture and commercialize SSGJ-707 across the world, excluding China. 3SBio will receive an upfront payment of $1.25 billion and is eligible to receive milestone payments of up to $4.8 billion.

Pfizer will also make a $100 million equity investment in 3SBio upon closing of the deal. The transaction is expected to close in the third quarter.

PFE Price Action: Pfizer has a 52-week high of $31.54 and a 52-week low of $20.92. The stock is down about 12% year-to-date. Pfizer shares were up 1.50% at $23.35 at the time of publication Tuesday, according to Benzinga Pro.

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