Technical Analyst Sees Pfizer Shrs at 120 on New Drug
March 20, 1998 11:35 AM
NEW YORK (Dow Jones)--Pfizer Inc.'s (PFE) new
impotence drug could boost its stock price to more than
120, Tom Dorsey, partner and technical analyst with
Dorsey Wright & Associates, said during an appearance
on CNBC Friday.
Pfizer's NYSE-listed shares recently were trading at 90
15/16, up 15/16, or 1%, on volume of 3.8 million,
compared with average daily volume of 2.9 million. The
shares' 52-week high, set June 27, 1997, is 91 7/16.
Pfizer plans to put its new impotence pill on the market
during the second quarter, pending Food and Drug
Administration approval, a company spokesman said.
Last year, the FDA put the drug, known as Viagra, on
fast-track review, committing itself to act on the
application within six months. That timeframe ends at the
end of this month.
In addition to Pfizer, Dorsey named Chevron Corp.
(CHV) and McDonald's Corp. (MCD) as favorites.
-Charlene Oldham; 201-938-5173 |
