Why Shares of Pfizer Fell 10.8% in January
Shares of pharmaceutical giant Pfizer (NYSE: PFE) fell 10.8% in January, according to data from S&P Global Market Intelligence. The stock closed on Dec. 31 at $59.05 per share and hit its low of $49.82 on Jan. 24. It closed out the month at $52.69 and is down more than 13% this year.
One of the reasons Pfizer's stock dropped was the market itself had its worst month since March of 2020, with the S&P 500 falling more than 5%. Pfizer dropped twice as much, however, because the stock's price had risen so much (more than 46% over the past 12 months), there was further to fall.
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Source Fool.com
