07:46 AM EDT, 10/07/2024 (MT Newswires) -- (Update to add Pfizer's ( PFE ) comment in fifth paragraph)

Pfizer ( PFE ) may become the target of a shareholder campaign led by Starboard Value, which has taken a $1 billion stake in the company, multiple news outlets reported Sunday.

Reuters reported that Starboard, an activist investment advisory firm, wants to improve Pfizer's ( PFE ) performance and has already approached former Chief Executive Ian Read and former Chief Financial Officer Frank D'Amelio to potentially help the company.

Pfizer's ( PFE ) revenue and shares have declined as the Covid pandemic ended and subsequent demand for its vaccine declined.

Some investors have also criticized the company's recent acquisitions and disappointing drug trial results, Reuters reported.

Pfizer ( PFE ) declined to comment, while Starboard did not immediately reply to MT Newswires' requests for comment.

Shares of the company were up more than 3% in Monday's premarket training.

Price: 29.44, Change: +0.86, Percent Change: +3.01