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Pfizer is currently trading at 40.80-higher by 3.25% as compared to the previous closing price. In the Premarket trading session, the stock was trading lower by 2.7%. The stock has pared all of its losses after the opening bell.
Pfizer fell in premarket trading today even after the drug-maker announced fourth-quarter earnings that exceeded Wall Street estimates. Stocks of the pharmaceutical giant improved during mid-morning trading after the company discussed on earnings calls its cancer drug portfolio and success with biosimilars.
The company generated adjusted EPS of 64 cents for the fourth quarter of 2018. The EPS was above the consensus estimates of 63 cents. Revenue came in at $13.97 billion, higher than the consensus estimates of $13.89 billion and also more than $13.70 billion it reported a year earlier.
The drugmaker forecast its 2019 adjusted earnings to a range between $2.82 to $2.92 a share, below the consensus estimates of $3.04 a share. It sees revenue for 2019 at $52 billion to $54 billion, below the market expectation of $54.25 billion.
On the technical front, the current price is above the MA5 (40.79). The current price is below the middle line of the Bollinger Bands but is heading upwards. The RSI is currently at 40.43% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 40.60 TAKE PROFIT AT 41.30 STOP LOSS AT 40.30