Investors remained hopeful for US stocks, which were expected to open higher on Tuesday. Despite the civil unrest in different parts of the US, futures for the Dow Jones Industrial Average, the S&P 500 Index and the Nasdaq-100 were higher in premarket trading.
Pfizer is among the stocks that investors will keep an eye out for on Tuesday, as its shares rose 1.2% in premarket trading. The reason for the interest in the company is its latest statement on investments in biotech companies.
On Tuesday, the pharmaceutical corporation announced the launching of the Pfizer Breakthrough Growth Initiative, which will help Pfizer to invest up to $500 million in small and medium-sized biotech companies. The funding will allow biotech institutions to realize many of their brilliant ideas that can be of great medical help.
The Pfizer Breakthrough Growth Initiative will invest in biotech companies that focus on developments in areas like Internal Medicine, Inflammation & Immunology, Oncology, Rare Disease, Vaccines and Hospital. In addition to the funding aspect of the program, the biotech companies will also benefit from Pfizer’s research, manufacturing and clinical development resources.
Pfizer has a long history of partnerships with innovative healthcare and biotech companies. The Breakthrough Growth Initiative is yet another way for the pharmaceutical corporation to strengthen its “Health for All” policy and develop innovative medical solutions. To make sure that the investments will go to the best biotech companies, Pfizer will accept applicants from different parts of the world.
Analyst stock price forecast and recommendation
According to CNN Money, a 12-month price forecast on Pfizer Inc.’s stock shows that 12 analysts have an average price target of $38.50, with a high estimate of $53.00 and a low estimate of $35.00. The median estimate represents a +8.09% increase from the last price of $35.62.
The same media also provided the recommendations of 15 investment analysts who participated in a Pfizer Inc. stock survey. The analysts have a consensus rating of “Buy” for the company’s stock, with 7 ranking it as “Buy”, 7 as “Hold” and 1 – as “Outperform”.