Shares of Pfizer Inc., the largest US pharmaceutical company, are correcting at 44.00.
The negative dynamics are developing against the backdrop of falling demand for the company's products due to the relative stabilization of the situation with the spread of coronavirus infection in the world: yesterday, one of the leading analytical agencies, UBS Group AG, revised its issuer rating from Buy to Neutral, lowering the target share price to 47.0 dollars from 55.0 dollars. The experts' decision was influenced by reports from the World Health Organization (WHO) that the number of new cases of COVID-19 is decreasing, as well as their severity, and therefore the urgent need for a large number of vaccine doses has disappeared.
Tomorrow, Pfizer Inc.'s financial report is expected to be higher than previous numbers, with revenue likely to be 24.61B dollars, up from 22.6B dollars a quarter earlier, but earnings per share will fall to 1.07, below 1.78 dollars in the previous quarter, reflecting a drop in demand for the company's products in recent months.
On the daily chart, the trading instrument falls within the corrective wave, approaching the last year's low, around 41.00.
Technical indicators maintain a sell signal: fast EMAs of the Alligator indicator are well below the signal line, and the AO histogram decreases, forming bars below the transition level.
Resistance levels: 45.00, 48.00. | Support levels: 43.00, 40.00.