STOCK NOW Could this pharma stock be a proven wealth creator?

Could this pharma stock be a proven wealth creator?

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Founded in 1849, Pfizer (NYSE: PFE) has transformed the lives of patients and shareholders alike. The pharmaceutical titan has been one of the best-performing stocks since the end of World War II, thanks to its powerful innovation engine, which has produced several life-altering medications such as the cholesterol-lowering drug Lipitor and the nerve pain treatment Lyrica.

In the wake of the coronavirus, though, Pfizer’s shares have been on a rough ride. Since the official declaration of the end of the public health emergency earlier this year, the drugmaker’s shares have slid by over 18%. And since hitting a high-water mark in late 2021, Pfizer’s stock has tumbled by a breathtaking 49%. These double-digit share price declines reflect the boom-and-bust nature of most COVID-associated products.

With Pfizer’s stock price at a three-year low, however, it might be the perfect time to start building a position (or adding to an established one) in the drugmaker. Here’s why.

The market’s myopia misses the mark.

Pfizer’s downward trajectory accelerated in a big way in October (down 7.87%). Not surprisingly, this slippage stemmed from a major downward revision in the company’s COVID product sales.

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