Pfizer (NYSE:PFE) plans to acquire Biohaven Pharmaceutical, a company that specializes in migraine treatments, in a deal valued at about $11.6 billion.
Pfizer is flush with cash from its Covid-19 vaccine and is looking at acquisitions to bolster revenue as vaccine sales peak off, with some of its top-selling drugs also set to go off patent.
We think Pfizer stock is undervalued. We value PFE at $63 per share, about 25% ahead of the current market price.
|S&P 500 Return||-5%||-17%||76%|
|Trefis Multi-Strategy Portfolio||-9%||-25%||196%|
 Month-to-date and year-to-date as of 5/12/2022
 Cumulative total returns since the end of 2016