Pfizer Falls On Disappointing Breast Cancer PALLAS Study
Pfizer (NYSE: PFE) shares were trading lower after disappointing news concerning its Phase 3 early breast cancer Palbociclib Collaborative Adjuvant Study (PALLAS) trial results.
The Austrian Breast and Colorectal Cancer study group and the Alliance Foundation Trials, LLC, reported that following an analysis, the independent data monitoring committee of the PALLAS study determined the trial is unlikely to show significant improvement in the primary endpoint of invasive disease-free survival.
"We are disappointed in this outcome,” said Chris Boshoff, chief development officer, Oncology, Pfizer. “Breast cancer is a leading cause of death around the world and delaying or preventing the development of metastatic disease is a significant unmet need."
Pfizer shares were trading down 6.3% at $35.78 in Friday’s after-hours session. The stock has a 52-week high of $44.56 and a 52-week low of $27.88.
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