Pfizer shares gain for a third straight session on Monday, COO Albert Bourla named as drug maker’s new CEO

Pfizer Inc (PFE) announced on Monday that it had appointed Albert Bourla, its current Chief Operating Officer, as the new Chief Executive Officer. Bourla will replace Ian Read, who assumed the CEO role in December 2010.

Pfizer shares closed higher for a third consecutive trading session in New York on Monday. The stock went up 0.45% ($0.20) to $44.27, after touching an intraday high at $44.52, or a price level not seen since June 21st 2001 ($45.00).

Shares of Pfizer Inc have risen 22.23% so far in 2018 compared with a 9.39% gain for the underlying index, S&P 500 (SPX).

In 2017, Pfizer Inc’s stock went up 11.51%, thus, it underperformed the S&P 500, which registered a 19.42% return.

Albert Bourla, aged 56, is to take over as CEO at the beginning of 2019, Pfizer said. Meanwhile, Ian Read will become Pfizers Executive Chairman.

Prior to his appointment as Chief Operating Officer in early 2018, Bourla headed Pfizers Innovative Health business.

“It’s been an honor to serve as Pfizer’s CEO for the past eight years,” Ian Read was quoted as saying by Reuters.

“However, now is the right time for a leadership change, and Albert is the right person to guide Pfizer through the coming era,” he added.

According to CNN Money, the 19 analysts, offering 12-month forecasts regarding Pfizer Inc’s stock price, have a median target of $45.00, with a high estimate of $48.00 and a low estimate of $34.00. The median estimate represents a 1.65% upside compared to the closing price of $44.27 on October 1st.

The same media also reported that 9 out of 19 surveyed investment analysts had rated Pfizer Inc’s stock as “Buy”, while 8 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Pfizer stock are presented as follows:

R1 – $44.33
R2 – $44.38
R3 (Range Resistance – Sell) – $44.44
R4 (Long Breakout) – $44.61
R5 (Breakout Target 1) – $44.80
R6 (Breakout Target 2) – $44.89

S1 – $44.21
S2 – $44.16
S3 (Range Support – Buy) – $44.10
S4 (Short Breakout) – $43.93
S5 (Breakout Target 1) – $43.74
S6 (Breakout Target 2) – $43.65

By using the traditional method of calculation, the weekly levels of importance for Pfizer Inc (PFE) are presented as follows:

Central Pivot Point – $44.05
R1 – $44.47
R2 – $44.86
R3 – $45.28
R4 – $45.69

S1 – $43.66
S2 – $43.24
S3 – $42.85
S4 – $42.45