Oct 7, 2024 - Economy
Charted: Pfizer targeted by Starboard
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Pfizer shares showed signs of life today.
Why it matters: The pharmaceutical giant's stock has fallen more than 50% since the end of 2021, as the company failed to find its footing since the revenue heyday of COVID vaccines.
Driving the news: Heavyweight activist investor Starboard Value has built a $1 billion stake in Pfizer with an eye on making changes, WSJ reported last night.
- Just news of a campaign from Starboard is often enough to jolt a stock. Pfizer's jumped over 2% from Friday's close.
What we're watching: The activist is said to have enticed a pair of former Pfizer execs to help devise its turnaround plan, WSJ and Bloomberg reported.
- One of them is former CEO Ian Read, who had left in 2018 before tapping current chief Albert Bourla.
