New York pharma Pfizer shares plunged 8% after setback in breast cancer treatment

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New York pharma Pfizer shares plunged 8% after setback in breast cancer treatment

NYSE-listed stocks of Pfizer Inc., the American multinational pharmaceutical corporation headquartered in the New York City, which had been a component of the Dow Jones Industrial Average since 2004, took a header of nearly 8 per cent on Monday after an independent clinical data monitoring committee had revealed that the world’s one of the largest drugmaker’s breast cancer treatment, Ibrance, would unlikely to meet its key goal in a late-stage study.

Besides, following the reveal of its latest setback in a breast cancer treatment, which was approved by the US FDA (Food and Drug Administration) back in the 2015s for treating metastatic breast cancer and had earned $4.96 billion in sales last year, the Pfizer Inc.

stocks had wrapped up the day down by 7.15 per cent to $35.46 a share after plunging as much as 8.21 per cent in the mid-day US trading hours. In tandem, ahead of the release of its breast cancer treatment, Ibrance’s trial in a late stage study, the company said later last week that the drug was tested along with standard care for early breast cancers for both women and men instead of the standard treatment alone, while the study was expected to have a high probability of a success.

Pfizer stocks plunged 8%, brokerages cut price targets as early failure in breast cancer trial weigh

Meanwhile, referring to an unprecedented failure in the late-stage study of Pfizer Inc.’s breast cancer treatment, a JP Morgan analyst was quoted saying in a client note that the failure represented a substantial scale of backlash for the American multinational drugmaker, while JP Morgan had also slashed its price target of Pfizer Inc.

by $1 to $37 per share. On top of that, along with the US lender JPMorgan, three other brokerages had also slashed their price targets of Pfizer Inc. stocks.