Pfizer Shares Are Falling Today: What's Going On?

Pfizer Inc. PFE shares are trading lower Tuesday after the Senate Finance Committee voted to advance Robert F. Kennedy Jr.'s nomination for Secretary of Health and Human Service.

What’s Going On: The committee voted 14-13 along party lines, sending Kennedy's nomination to the full Senate for consideration. Kennedy, a vocal critic of vaccines, has a history of questioning their safety and efficacy, which has raised concerns among investors in pharmaceutical companies that manufacture them.

Republican Senator Bill Cassidy supported Kennedy's nomination despite voicing concerns about his stance on vaccines. Cassidy noted he had "very intense conversations" with Kennedy and Vice President J.D. Vance before deciding to vote in favor of advancing the nomination. He cited commitments from the administration on shared priorities, including healthy food initiatives and a "pro-American agenda."

The drop in vaccine-related stocks comes as investors weigh the potential impact of Kennedy's leadership on public health policy and the pharmaceutical industry. Insurance stocks could also see movement as Kennedy has expressed strong criticism of the industry. During his Senate hearings, he condemned what he called "rapacious behavior by insurance companies" and indicated he would support measures to curb abusive practices such as care denial and overcharging the government.

PFE Price Action: Pfizer shares were down 1.45% at $25.78 at the time of writing, according to Benzinga Pro.