Pfizer Stock Is Moving Higher Monday: What's Driving The Action?

Pfizer Inc (NYSE:PFE) shares are on the move Monday after activist Starboard Value acquired a $1 billion stake in the pharmaceutical giant.

What Happened: Activist investor Starboard Value has taken a roughly $1 billion stake in Pfizer and plans to push for changes, according to a Wall Street Journal report.

People familiar with the matter said Starboard has approached former Pfizer executives Ian Read and Frank D'Amelio to help with the turnaround efforts. The former executives are reportedly interested in helping. Read was Pfizer’s CEO from 2010 to 2018, and D’Amelio served as CFO from 2007 to 2021.

Starboard’s specific plans and interactions with the company are unknown, but the activist investor is focused on recent underperformance.

Pfizer shares are down more than 50% since the stock hit an all-time high around ...

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