Pfizer, Inc. PFE shares are trading lower Wednesday. The stock hit a new 52-week low and has fallen more than 24% over the last year.
What To Know:
Pfizer faces some challenges including the flawed commerical roll-out of the updated COVID-19 vaccines which has seen some patients being denied vaccination due to insurance coverage issues.
Pfizer also remains uncertain as to when Paxlovid, the company's oral antiviral COVID-19 treatment, will receive approval for commercial sale in the U.S. market. Paxlovid is currently distributed by the government to patients for free from a government-held supply of 10 million treatment courses purchased from Pfizer for $5.29 billion in 2021.
Pfizer shares fell to $32.02 on Wednesday, marking a new 52-week low for the stock.
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PFE Price Action: According to data from Benzinga Pro, Pfizer shares are down 1.1% at $32.03 at the time of publication.
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