After a two-month slide, Pfizer (NYSE:PFE) shares are finally moving in the opposite direction. Over the past two days, PFE stock is up by nearly 3%.

The rebound was sparked by investors anticipating the approval of Pfizer’s Covid-19 vaccine for children ages five to 11 in the U.S. and Canada. If that occurs, the company will likely be selling tens of millions of additional doses in this market alone.

Pfizer shares had been performing well earlier this year. PFE stock hit a record high for the first time in 20 years on August 10, then quickly topped it.

However, shares have been in a slump since mid-August. Among the concerns weighing on the stock was President Joe Biden’s “Build Back Better” plan. If passed, it would allow Medicare to fight high prescription drug prices.

Until it began to rally on Tuesday, PFE stock had lost 18% from its $50.42 close on Aug. 19. With some good news for Pfizer, let’s explore whether now is a good time to buy some shares.

Pfizer’s Opportunities: Covid Shots and Beyond

The latest rally in PFE stock was kicked off by news that Health Canada was set to approve Pfizer’s Covid 19 vaccine for children ages five to 11. Pfizer’s vaccine would be the first to gain approval for that age group in Canada.

That news was followed by a report from the White House, which said children could soon be able to get their Covid-19 vaccine at their local school, pharmacy or doctor’s office. The Food and Drug Administration (FDA) and Centers for Disease Control and Prevention (CDC) clearance to begin vaccination for this age group is expected within the next few weeks.

Any good news around Covid-19 vaccines tends to give PFE stock a bump. Beside the market for kids, booster shots will be needed by some more vulnerable populations.

However, we sometimes get so focused on the Covid vaccine race that it becomes tunnel vision.

For many biotech startups, that’s warranted. They’re pretty much betting everything on their vaccine candidate. But Pfizer is a pharmaceutical giant. The company has an extensive product portfolio outside of its Covid-19 vaccine.

Last year, its Prevnar family of drugs alone brought in $5.85 billion in revenue. Its breast cancer treatment, Ibrace, generated $5.39 billion. Pfizer sold $4.95 billion worth of its blood clot prevention drug, Eliquis.

Pfizer has dozens more commercial products, as well as a deep product pipeline with 100 medicines and treatments in various stages of development.

Pfizer’s Covid-19 vaccine is a big deal and a big part of the PFE stock story over the past year. But it’s far from everything.

The Bottom Line on PFE Stock

Where do analysts sit on Pfizer? The majority are waiting to see how the Covid-19 vaccine and “Build Back Better” situations develop.

The Wall Street Journal is tracking 20 investment analysts who cover PFE stock. 16 of these analysts rate it a “hold.” Their average 12-month price target of $46.40 offers a modest upside of about 8%. This is essentially unchanged from three months ago.

As for its Portfolio Grader rating, PFE stock scores a “B.”  

The case for Pfizer stock isn’t as compelling as it was last fall — at least, not for investors looking for big gains from success in the vaccine race.

That being said, if you’re in it for long-term growth, Pfizer is a proven performer. It’s been in growth mode for over a decade and its Covid-19 vaccine is going to continue to sell for the foreseeable future. Plus, the company has a solid product lineup outside of the spotlight vaccine.

Just keep an eye on that “Build Back Better” plan. If it passes with the Medicare provisions intact, lower prescription drug prices could have a material impact on Pfizer’s bottom line going forward. 

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Louis Navellier, who has been called “one of the most important money managers of our time,” has broken the silence in this shocking “tell all” video… exposing one of the most shocking events in our country’s history… and the one move every American needs to make today.