Pfizer (NYSE:PFE) stock is slipping on Wednesday but only after a recent rally send the pharmaceutical company’s shares higher.
Looking at the latest news, the performance of BioNTech (NASDAQ:BNTX) during its earnings report for the fourth quarter of 2021 could be affecting PFE stock. The company saw a massive boost to earnings per share and income that had it beating out estimates.
What was behind that rise? BioNTech contributes the success from its most recent quarter to its vaccine revenue. The same vaccine that it collaborates with Pfizer to develop. That connection easily explains why PFE stock spiked early this morning.
To go along with that, PFE stock was trading higher on Tuesday following an update from the Centers for Disease Control and Prevention (CDC) and the U.S. Food and Drug Administration (FDA). These agencies signed off on additional booster shots for PFE Covid-19 vaccines. They did the same for Moderna (NASDAQ:MRNA) as well, which also sent its shares higher.
It makes sense that PFE stock would retreat today after that multiday rally. Also lending to that is lower trading volume today. As of this writing, around 12 million shares of the stock have changed hands. That’s a good way off from the company’s daily average trading volume of about 34.5 million shares.
PFE stock is down 1.1% as of Wednesday afternoon and is down 7.9% since the start of the year.
Investors hungry for more stock market news today are in the right place!
We’ve got all the most recent stock market news that traders want to know about for Wednesday! That includes what’s happening with Virgin Galactic (NYSE:SPCE) stock this week, the news hammering tech stocks today, as well as why shares of Adagio Therapeutics (NASDAQ:ADGI) stock are climbing higher. You can find out all about these topics at the links below!
More Wednesday Stock Market News
- SPCE Stock: What’s Going on With Virgin Galactic This Week?
- Tech Stocks News: Why Are AAPL, AMZN, GOOGL Stocks in the Spotlight Today?
- Why Is Adagio Therapeutics (ADGI) Stock Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.