35.52 +0.06 (0.17%)
After hours: 7:42PM EDT
|Bid||35.57 x 800|
|Ask||35.56 x 3200|
|Day's Range||34.91 - 35.73|
|52 Week Range||27.88 - 44.56|
|Beta (5Y Monthly)||0.71|
|PE Ratio (TTM)||12.67|
|Earnings Date||Jul 27, 2020 - Jul 31, 2020|
|Forward Dividend & Yield||1.52 (3.98%)|
|Ex-Dividend Date||May 07, 2020|
|1y Target Est||41.36|
Pfizer said its blockbuster drug, Ibrance, failed to make a difference in early-stage breast cancer — leading PFE stock to tumble. Ibrance is already approved in late-stage cancer.
U.S. stocks posted gains on Monday as signs of U.S. economic recovery helped offset jitters over increasingly violent social unrest amid an ongoing pandemic and rising U.S.-China tensions. Market leaders Facebook Inc, Apple Inc and Amazon.com provided the biggest lift to the S&P 500 and the Nasdaq, while Boeing Co gave the Dow its biggest boost. "Certainly the pace of the stock market recovery can't continue at the pace it has been," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.
The Dow Jones Industrial booked its first gain of the past three sessions on Monday to start trading for the week and month of June. Markets appeared to be heartened by upbeat data from the Institute for Supply Management, whose manufacturing index for May rose to 43.1 from an 11-year low of 41.5 in April. A reading above 50.0 indicates an increase in activity, while a one below that level indicates contraction. The report indicated to many investors that the worst of the economic problems from closures induced by COVID-19 may be reaching a peak. The Dow rose nearly 92 points, or 0.4%, at 25,475, the S&P 500 index climbed 0.4% at about 3,056, while Nasdaq Composite Index advanced 0.7% at around 9,552. Markets appeared to focus on reopenings from the lockdowns that were intended to limit the spread of the novel strain of coronavirus, which appeared to overshadow protests over the weekend centered on the death of George Floyd, a black man who died under the knee of a white police officer last week in Minnesota. On the international front, Chinese government officials told major state-run agricultural companies to pause purchases of some American farm goods, including pork and soybeans, Reuters and Bloomberg News reported on Monday, citing people familiar with the matter. In corporate news, Pfizer shares fell 7.2% after the drugmaker said it would halt a study on a potential breast-cancer treatment.
Protests and trade tensions can’t keep the stock market down as investors continue to focus on the reopening of the U.S. economy from the coronavirus-imposed shutdown.
Key market indexes were near session highs, despite rising China tensions and social unrest in the U.S. The Dow Jones industrials got a lift from Boeing.
Pfizer Inc. (NYSE: PFE) shares were declining steeply Monday after the company said a Phase 3 study dubbed PALLAS that evaluated its Ibrance with standard adjuvant endocrine therapy in HR+, HER-, early stage breast cancer study is unlikely to hit the primary goal, citing efficacy and futility analysis done by an Independent Data Monitoring Committee.The Pfizer Analyst Cantor Fitzgerald analyst Louise Chen maintained an Overweight rating on Pfizer shares with a $53 price target. The Pfizer Thesis The adjuvant opportunity for the breast cancer drug Ibrance is being viewed by investors as a key growth driver for Pfizer, Chen said in a Friday note. (See her track record here.)The analyst said she expects the consensus sales estimate for Ibrance to come down to reflect a lower opportunity.Pfizer had earlier said the adjuvant opportunity could double the eligible patient population for Ibrance, she said.Ibrance is already approved in the U.S. for treating adult patients with HR+, HER- advanced breast cancer.The Street projects that Ibrance sales will grow from $5 billion in 2019 to $11.5 billion by 2025, Chen said.The analyst estimates worldwide Ibrance sales of $8.6 billion in 2025, assuming a 33% probability of success for the PALLAS and PENELOPE-B studies.The PENELOPE-B study is on track to readout by the second half of 2020, she said. Yet with mixed data from the PALLAS and a Phase 2 study dubbed PALLET, expectations for the PENELOPE-B study will be modest, Chen said. Despite the disappointing news, Pfizer said it remains confident in its ability to deliver on its goal of at least 6% revenue CAGR through 2025, according to Cantor Fitzgerald. This assertion will hardly be credible to investors, the analyst said. "We think PFE's ability to hit its CAGR target will depend more than ever on its ability to deliver strong growth from its in-line portfolio as well as contributions from the pipeline/new product launches." PFE Price Action At last check, Pfizer shares were sliding 6.69% to $35.58.Related Links:The Week Ahead In Biotech: ASCO, Menlo And Merck FDA Decisions, IPOs In The Spotlight Moderna Doses First Participants In Phase 2 Study Of Coronavirus Vaccine Photo by Coolcaesar via Wikimedia. Latest Ratings for PFE DateFirmActionFromTo Jun 2020JP MorganMaintainsNeutral Apr 2020BarclaysMaintainsEqual-Weight Apr 2020Morgan StanleyMaintainsEqual-Weight View More Analyst Ratings for PFE View the Latest Analyst Ratings See more from Benzinga * The Daily Biotech Pulse: ASCO Presentations Begin, Altimmune Pops On Insider Buying, Immutep Gets R&D Grant * The Week Ahead In Biotech: ASCO Presentations In The Spotlight * The Daily Biotech Pulse: FDA Nod For Roche, Arbutus Releases Positive Readout For HBV Therapy, Moderna Announces .34B Common Stock Offering(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Wall Street stocks posted modest gains on Monday as signs suggesting the U.S. economy may be on the road to recovery helped soothe jitters over increasingly violent social unrest and rising U.S.-China tensions. Market leaders Apple Inc, Amazon.com and Facebook Inc provided the biggest lift to the S&P 500 and the Nasdaq, while Boeing Co provided the blue-chip Dow with its biggest boost.
Wall Street's major indexes rose on Monday as investors chose to look past violent protests across the country over racial inequality and focused more on economic data that bolstered views of a quick post-pandemic recovery. U.S. manufacturing activity eased off an 11-year low in May, an Institute for Supply Management (ISM) survey showed, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen.
The trade: Reduce holdings on Pfizer on strength to its 200-week simple moving average and its monthly risky level.
The biopharma giant reported disappointing late-stage trial results for one of its best-selling medicines.
Shares of (PFE) are tumbling Monday as the drugmaker announced it would halt its trial for a potential breast cancer treatment. Pfizer (ticker: PFE) said its Phase 3 PALLAS Ibrance trial was unlikely to meet endpoint of improving survival rates, hence its decision to discontinue the study. Cowen & Co.’s Steve Scala reiterated an Outperform rating and $48 price target on Pfizer, as he hadn’t incorporated any increased sales benefit for the drug into his estimates yet.
U.S. stocks struggled for direction on Monday as investors weighed prospects of a post-pandemic economic recovery against protests across the country over race and an ongoing standoff between Washington and Beijing. U.S. manufacturing activity eased off an 11-year low in May, an Institute for Supply Management (ISM) survey showed, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen.
Major stock indexes were higher early Monday on rising U.S.-China tensions. Pfizer dove 7% on a failed drug trial.
The treatment, Ibrance, was being tested along with the standard of care for early breast cancer in men and women, against standard of care alone, the company said on Friday. The study was broadly seen to have a high probability of success readout, but the early failure represents a meaningful setback for Pfizer, JP Morgan analysts said in a note, cutting its price target on the stock by $1 to $37.
DOW UPDATE In spite of negative returns for shares of Pfizer and Cisco, the Dow Jones Industrial Average is nearly flat Monday morning. Shares of Pfizer (PFE) and Cisco (CSCO) account for -13% of the index's intraday losses, as the Dow (DJIA) was most recently trading 2 points lower (0.
U.S. stocks edged higher on Monday on prospects of a post-pandemic economic recovery, but the sentiment remained fragile amid protests across the country over race and an ongoing standoff between Washington and Beijing. U.S. manufacturing activity eased off an 11-year low in May, an Institute for Supply Management (ISM) survey showed, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen. The three main indexes had opened lower as National Guard troops were deployed over the weekend in 15 states and Washington, D.C. in an attempt to quell a sixth night of violence that began with peaceful protests over the death of a black man, George Floyd, in police custody.
Pfizer's (PFE) phase III PALLAS study compared Ibrance plus standard adjuvant endocrine therapy to standard adjuvant endocrine therapy in HR+, HER2- early breast cancer.
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Zoom Video, Moderna and Tesla were early leaders. Stock futures traded lower and Pfizer dragged on the Dow.
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Share of Pfizer Inc. tumbled 6.5% in premarket trading Monday, enough to pace all of the Dow Jones Industrial Average' s early decliners after the drug maker said it halted a study of a potential breast-cancer treatment. The implied price decline would shave about 17 points off the Dow's price, while Dow futures were down 45 points. Pfizer's stock is the lowest priced component of the Dow, which is a price-weighted index, meaning percentage changes in Pfizer's stock have the least influence of the 30 components. For example, a 1% change in Pfizer's stock moves the Dow by about 2.6 points, while a 1% move in Apple Inc.'s stock , which is the highest priced Dow components, would move the Dow by 21.6 points. Late Friday, Pfizer said a phase 3 trial of palbociclib, also known as Ibrance, did not reach its intended change in survival rates. Pfizer's stock has run up 14.3% over the past three months through Friday, while the Dow has slipped 0.1%.