Pfizer Slips Despite Strong Late-Stage Results

Health and Healthcare

Published: August 27, 2018 10:05 am

Last Updated: January 11, 2020 6:46 pm

Pfizer Inc. (NYSE: PFE) shares slipped on Monday despite the company posting positive results from a late-stage trial. Specifically, the company announced primary results from the tafamidis Phase 3 transthyretin cardiomyopathy (ATTR-ACT) study.

For some quick background: transthyretin amyloid cardiomyopathy (ATTR-CM) is a rare, fatal and underdiagnosed condition associated with progressive heart failure for which there are no approved pharmacologic treatments.

The results showed tafamidis significantly reduced the hierarchical combination of both all-cause mortality and frequency of cardiovascular-related hospitalizations compared to placebo over a 30-month period in patients with wild-type or variant (hereditary) ATTR-CM.

The ATTR-ACT study showed tafamidis significantly reduced all-cause mortality and cardiovascular-related hospitalizations, compared to placebo. This represents a 30% reduction in the risk of mortality and 32% reduction in the rate of cardiovascular-related hospitalization.

Brenda Cooperstone M.D., senior vice president and chief development officer, Rare Disease, Pfizer Global Product Development, commented:

We believe the ATTR-ACT study findings bring us a significant step closer to our goal of providing an urgently needed therapy for a serious and often fatal disease. We look forward to continuing discussions with global regulatory authorities about the potential of tafamidis as a treatment option for people living with ATTR-CM.

Shares of Pfizer were last seen down 1.7% at $41.67, with a consensus analyst price target of $41.45 and a 52-week range of $33.20 to $42.77.

ALSO READ: 7 Biotech Stocks Insiders Are Loading Up On

The Average American Has No Idea How Much Money You Can Make Today ^(Sponsor)

The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.

But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

¹https://www.fdic.gov/national-rates-and-rate-caps