Pfizer Pharmaceuticals stock has reached a record-high price in 2018, with the stock now valued at $52.63 per share, according to FactSet.
Analysts at Janssen Pharmaceuticals and Allena Pharmaceuticals said that the high price represents the most aggressive price hike in Pfizer stock history.
The stock has been trading at a high of $51.97 per share since last month, but that figure is expected to be slightly higher due to higher sales volume and a stronger return on equity, they added.
Janssen’s analysts believe that Pfizer will increase its profit margin for 2018, as well as the amount of cash it will be able to invest in new drugs.
They also believe that the stock could be able get into the red in 2019.
Allena’s analysts also see a stronger recovery in Pfizers share price.
“Pfizer has made significant progress over the past year, but we expect the company to have an opportunity to close out the year with a significant rebound in the stock,” they wrote.
Pfizers share has been surging in 2018.
The drugmaker has seen its stock value rise more than 70 percent since last year.
The company also increased its sales for 2018 to nearly $2 billion, making it one of the top five drugmakers in the world, according the data firm FactSet, while selling more than $3.6 billion of its own stock.
The company recently announced that it will begin selling a new type of drug, FENIX-3, which was approved for the treatment of advanced prostate cancer.
The new drug will be available by the end of 2019.