Why Pfizer Stock Is Sinking Today
Shares of Pfizer (NYSE: PFE) were sinking 4.4% as of 11:18 a.m. ET on Tuesday. The big drugmaker didn't report any new developments. Today's decline appears to be a by-product of the overall market rising after a pullback in recent days due to concerns about the spread of the coronavirus omicron variant.
When COVID-19 fears decrease, Pfizer's shares are more likely to fall. That's because the company generates a significant portion of its revenue from COVID-19 vaccine sales. While other leading vaccine stocks were also sliding today, Pfizer was hit the hardest -- probably because its shares have risen the most over the past few weeks.
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Source Fool.com
