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Pfizer rare-disease drug results lift its shares and those of rival

Emma Court

Pfizer Inc. (PFE) shares rose just under 1% in Monday premarket trade after the company announced positive results from a late-stage trial of its drug tafamidis, which is being developed for the rare disease transthyretin amyloid cardiomyopathy. The Pfizer results were strong but "we see the door open to ALNY given key details of the study: 1) 20 mg not differentiated from 80 mg, and 2) more limited efficacy in the ATTRm population (vs wild-type) and would not be surprised to see ALNY shares trade up," said EvercoreISI analyst Josh Schimmer and Steven Breazzano, who went on to say that two rival therapies, Alnylam Pharmaceuticals Inc.'s (ALNY) patisiran and Ionis Pharmaceuticals Inc. (IONS) and Akcea Therapeutics Inc.'s (AKCA) inotersen, "will generally be safe in the neuropathy population." Alnylam shares rose 4.3% in premarket trade while Ionis and Akcea shares were inactive.