Pfizer shares fall for a second straight session on Wednesday, company plans to expand human trials of experimental COVID-19 vaccine

While presently testing four different coronavirus vaccine variations, Pfizer Inc (PFE) intends to expand human trials of its experimental COVID-19 vaccine to thousands of test patients by September.

Last week the drug maker injected doses of its potential BNT162 vaccine into the first human participants in the United States.

Pfizer said it expected to test up to 360 people in the clinical trial.

Pfizer shares closed lower for a second consecutive trading session in New York on Wednesday. The stock went down 0.83% ($0.31) to $37.05, after touching an intraday low at $36.59, or a price level not seen since April 23rd ($36.28).

Shares of Pfizer Inc have retreated 5.44% so far in 2020 compared with a 12.71% loss for the benchmark index, S&P 500 (SPX).

In 2019, Pfizer Inc’s stock went down 10.24%, thus, it underperformed the S&P 500, which registered a 28.88% gain.

“We are collecting data as we speak in real time so we know, we are monitoring the safety of the doses,” Pfizer’s Chairman and Chief Executive Officer Albert Bourla told CNBC.

“If things go well, and we feel that the product is safe and efficacious, and the FDA [Food and Drug Administration] and EMA [European Medicines Agency] and other regulatory agencies feel the same, we will be able to deliver millions of doses in the October time frame,” Bourla added.

At the same time, the company intends to produce hundreds of millions of doses in 2021.

Analyst stock price forecast and recommendation

According to CNN Money, the 12 analysts, offering 12-month forecasts regarding Pfizer Inc’s stock price, have a median target of $41.50, with a high estimate of $53.00 and a low estimate of $36.00. The median estimate represents a 12.01% upside compared to the closing price of $37.05 on May 13th.

The same media also reported that at least 7 out of 15 surveyed investment analysts had rated Pfizer Inc’s stock as “Hold”, while other 7 – as “Buy”.

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