Why This Investor Says Pfizer Stock Is Going Much Higher

Pfizer Inc PFE is trading higher after the U.S. Food and Drug Administration fully approved the company's COVID-19 vaccine.

Pfizer is more than just a COVID-19 play, Market Rebellion co-founder Pete Najarian said Monday on CNBC's "Fast Money Halftime Report."

Pfizer has incredible leadership, free cash flow that is "absolutely outrageous" and a reasonable forward price-to-earnings ratio, Najarian said.

"It's an amazing company. I don't think that you just look at this as a COVID play, you look at this as a very quality pharmaceutical play with a lot of vaccine exposure and I think because of that this is a stock that can go much higher."

Related Link: What's Next For Pfizer Stock After FDA Approval Of COVID-19 Vaccine?

Najarian noted that he has been seeing unusual call buying activity in Pfizer stock with expirations at the end of this week.

The stock is still trading cheaply based on its valuation, he said.

PFE Price Action: Pfizer has traded as high as $51.86 and as low as $33.36 over a 52-week period.

The stock was trading up 2.56% at $49.96 at publication time.