Pfizer, Inc. (NYSE:PFE) shares are trading higher on Tuesday after The Washington Post reported that President Donald Trump will announce a drug-pricing deal with the company.
What To Know: According to the report, Pfizer has agreed to voluntarily sell its medications through Medicaid at lower prices as part of the White House's "Most Favored Nation" initiative, which aims to match U.S. drug prices to the lowest costs paid by other wealthy nations.
The agreement follows an executive order from Trump in May that set a framework for the initiative. Officials have reportedly been in talks with pharmaceutical companies about lowering prices since, but the deadline for those agreements was Monday.
The pharmaceutical industry has also sought to address Trump's demands, with its main lobbying group announcing voluntary steps this week, including a new website to help Americans find lower-cost drugs.
Trump has argued the U.S. pays disproportionately high prices for medications compared to other countries.
“We're not doing that anymore,” Trump said last week.
The Trump administration is expected to make an official announcement with Pfizer on Tuesday.
How To Buy PFE Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Pfizer's case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
PFE Price Action: At the time of writing, Pfizer shares are trading 2.87% higher at $24.54, according to data from Benzinga Pro.
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