Pfizer Stock Rises on Report Starboard Takes Roughly $1B Stake

KEY TAKEAWAYSStarboard Value reportedly has taken a roughly $1 billion stake in Pfizer, as the activist investor seeks to turn the struggling drugmaker around. According to The Wall Street Journal, Starboard has approached Ian Read, a former Pfizer chief executive, and ex-finance chief Frank D’Amelio to help aid its efforts.Pfizer shares are rising about 3% in premarket trading but have almost halved since their pandemic peak in 2021, as demand for its COVID-19 vaccines slumped. Shares of Pfizer (PFE) are r ...