Pfizer, Inc. (NYSE: PFE) and BioNTech SE (NASDAQ: BNTX) have disclosed that the European Commission (E.C.) and its member states will exercise an option to buy more than 200 million additional doses of COMIRNATY, the companies’ COVID-19 vaccine. Contractual details remain under wraps.
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Details of the Deal
Per the previous agreements between the companies and E.C., 450 million doses were planned to be delivered in 2022. Therefore, with the recent agreement to supply 200 million additional doses, the companies will now deliver more than 650 million doses to E.C. member states in 2022.
Notably, in May, Pfizer and BioNTech agreed to supply 900 million doses to the E.C. in 2022 and 2023, with an option to buy additional 900 million doses.
Wall Street’s Take
On December 20, Geoff Meacham, an analyst from one of the Top Research Firms, Bank of America Securities, maintained a Hold rating but increased the price target to $59 (3.31% downside potential) from $54.
The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 7 Buys and 11 Holds. The average Pfizer price target of $56.12 implies 8.03% downside potential to current levels. Shares have gained 63.2% over the past year.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 94% Bullish on PFE, compared to a sector average of 70%.
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