Here's Why Shares of Pfizer are Lower in Thursday's Trading Session
Pfizer shares were downgraded to HOLD from BUY by analysts at Jefferies.
Pfizer (PFE) - Get Report shares were down Thursday after the drug-maker's shares were downgraded to HOLD from BUY by analysts at Jefferies. The firm says the catalysts they expected for the company driving the previous BUY rating failed to materialize. Jefferies also noted that the current biotech M&A market is very competitive, leading to the probability that the company will overpay for any acquisition targets it may have in the near term. The firm cut the company's price target to $36 from $39.
