Why Pfizer (PFE) Stock is Up Today (Update)

Update (4:28 p.m.): Updated with Monday market close information and Financial Times report.

NEW YORK (TheStreet) -- Pfizer  (PFE) rose Monday after AstraZeneca  (AZN) rejected what the U.S. pharmaceutical company said was its final increased offer to purchase the British company.

Pfizer offered $120 billion, or $92.51 a share, on Sunday after AstraZeneca turned down each previous takeover proposal. AstraZeneca said Sunday it made clear to Pfizer that the U.S. company would have to make an offer at least 10% greater than the approximately $90 a share it proposed on Friday, according to The Wall Street Journal.

This would mandate an offer of approximately $99, but Pfizer came back a few hours later with its allegedly final offer of $92.51, which could mark the end of the potential transatlantic merger; however, Financial Times reported Monday that sources close to Pfizer indicate the company still wants to try to strike a deal with AstraZeneca before the May 26 deadline, though U.K. takeover rules limit Pfizer's options.

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The stock closed up 0.55% to $29.28.

Separately, TheStreet Ratings team rates PFIZER INC as a "buy" with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate PFIZER INC (PFE) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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