Boston, MA 06/09/2014 (wallstreetpr) – One of the world’s biggest pharmaceutical companies, Pfizer Inc. (NYSE:PFE) has witnessed an insider selling the company’s shares recently. This comes on the heels of the drug maker aborting its bid to acquire Britain-based healthcare company AstraZeneca plc (ADR) (NYSE:AZN) and its decision to settle the Neurontin drug issue for the alleged unapproved usage of the drug. The insider action also follows despite the brokerages’ consensus favoring a Buy on the stock.
Insider Sold Shares
Pfizer Inc. (NYSE:PFE)’s group president for global innovative pharma unit Geno Germano has divested 30K shares on the open market on June 2. He has realized a value of little over $890K at an average cost of $29.68, according to a company’s filing with Securities Exchange Commission.
As a result of the sale of shares, Germano’s holding in the company has reduced to 263,495 shares. The reduced shares are valued at about $7.82 million. The stock reached a year high of $32.96 on March 6 and a low of $27.33. Since May 7, shares of the company trading below $30 mark.
Pfizer Inc. (NYSE:PFE) shares trading below $30 mark indicated that it was trading below the 200-day moving average of $30.96 and also below or around 50-day moving average of $29.95. The falling trend and the two technical indicators could have made the drug maker’s executive to realize profit partly.
Rating of Stock
Recently, JPMorgan Chase & Co. (NYSE:JPM) analyst initiated coverage on Pfizer shares with an Overweight rating. The brokerage has also kept a price target of $35.00. Similarly, Goldman Sachs Group Inc (NYSE:GS) initiated its coverage on the company’s stock with a Buy rating.
There is only one equity research analyst, who rates the stock with a sell rating. While nine analysts prefer a Buy rating on Pfizer Inc. (NYSE:PFE) shares, six analysts opt for a hold rating. This meant that there is a consensus Buy rating of the shares of the company with a price tag of $32.83.
