On the surface, (NYSE: PFE) had some good news to report on Thursday. But investors viewed the positive as a negative, in light of its timing. This wasn't helped by an analyst's price-target cut on the stock.

At the end of the trading session, Pfizer's share price had declined by over 2%, versus the nearly 1% rise of the S 500 index. 

The good news that few investors seemed impressed with had to do with Pfizer's COVID-19 drug Paxlovid. Thursday morning, the company announced that the treatment has been approved for use by adults with mild to moderate forms of the disease, and who are at high risk of progressing to severe forms.

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Source Fool.com