Value investors who buy stocks at the bottom get the most satisfaction from riding a stock’s rebound. Pfizer (PFE), a beaten-down drug manufacturer, tested a double bottom pattern on the chart at $26. It gained 4.26% on Wednesday.
Pfizer won a pair of wins. The FDA announced yesterday that Pfizer received U.S. regulatory approval for its antibody-drug conjugate, inotuzumab ozogamicin. This drug treats children with a form of leukemia. In the courts, the firm defeated a legal challenge against its fellowship program that builds a diverse workforce.
Emerging biotech stocks still looking to form a bottoming phase include Pacific Bio (PACB), Bristol-Myers (BMY), and Roche Holding (RHHBY). Of the three stocks, Bristol-Myers has the most compelling profitability profile and valuation.
Gold producer Newmont (NEM) shares bottomed at $30. Gold prices traded at an all-time high earlier this week to $2,100/oz, settling at $2,190 as of last night. The firm traded to a five-year low last month when management cut its dividend and said it would sell assets. Newmont acquired Newcrest Mining last Nov. 2023 for $15 billion. It wants to cut down its $8.8 billion in debt by $1 billion.
In the energy sector, Chevron (CVX) is still range-bound while Exxon Mobil (XOM) broke out to the upside this year. Similarly, ConocoPhillips (COP) is stuck in a $110-$115 range until oil prices rise.
