Pfizer (PFE) Soft Earnings The Latest Reason To Avoid Big Pharma Stocks
11/2/2016 7:51:30 AM
Tuesday wasn't kind to Pfizer ( PFE) and its stock, with shares in the Big Pharma giant plummeting 2.05% following downbeat earnings for the third quarter. In addition, the company lowered its full-year guidance.
To add to these woes, Pfizer has revealed that it is giving up on a drug that was already in Phase 3 trials and that could have been promising.
All these factors combined to frustrate investors, who headed for the exits yesterday. Pfizer shares sank nearly two percentage points in Tuesday trading. Moreover, despite the recent lowering of its share price, investors should stay away from Pfizer and many other Big Pharma stocks.
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