While Pfizer (NYSE: PFE) surged and became a household name during the COVID-19 pandemic due to the demand for its vaccines, the company has been on a decisive downward trajectory ever since.
Its more recent earnings reports did little to help as the company once again revealed that its sales of coronavirus shots have almost completely petered out.
Despite managing to avoid large, sudden price drops, Pfizer’s stock has been on a downward trend throughout 2023 and has cumulatively dropped by 40.50% by the time of publication – from more than $51 down to $30.50.
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In an attempt to figure out whether this decline will continue into the new year or if the current slight uptick might be a herald of greater things to come, Finbold decided to consult ChatGPT, the artificial intelligence (AI) developed by OpenAI.
ChatGPT predicts PFE price range for 2024
While ChatGPT acknowledged Pfizer’s staggering rise during the pandemic and its equally dramatic decline since, the AI considers relative stagnation as the most likely trajectory for the company’s stock in the next month and a half.
Pfizer is likely to trade between $31 and $32 at most at the start of 2024 and between $28 and $29 at worst, according to ChatGPT. In its estimate, the artificial intelligence took into account PFE’s recent trend of trading near $30 and its recent successful recovery from the lows close to $26.
The AI also took note of Pfizer’s relative pre-pandemic price stability but noted that it is unlikely it will make a comeback in the near future, even in light of likely larger sales during the flu season.
Another argument against Pfizer making a recovery – especially since ChatGPT estimated that investor sentiment would continue to play a major role – before the start of 2024 is the string of relatively recent controversies stemming from various leaks and alleged leaks circulating on social media – particularly on X – pertaining to the company.
PFE price analysis
Whatever the future may hold for the pharmaceutical company, its stock has been offering a rather weak performance in recent months. Despite this – and not surprisingly, given the broader market rally this November – Pfizer has been doing slightly better in the last 7 days.
The recent uptick has proven enough to erase a sharp decline that occurred early in the month, and PFE is up 1.3% in the last month and 1.94% in the last five days. Similarly, it closed Friday, the latest trading day at the time of publication, 0.59% in the green at $30.50.
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