Why Pfizer Stock Topped the Market on Tuesday
On Tuesday, investors continued to snap up shares of big pharmaceutical company Pfizer (NYSE: PFE). Somewhat counterintuitively, this week's rise came after the company announced it was ending the development of a drug in a very hot product category. On Tuesday, Pfizer's stock closed the day 1.5% higher, providing a pleasant contrast to the S&P 500 index's 0.2% dip.Tuesday was a relatively uneventful news day for Pfizer, especially following the pharmaceutical giant's disclosure on Monday that it halted the development of its investigational weight loss drug danuglipron. This occurred after a patient suffered a liver injury during the testing of the medication. Yet Pfizer watchers are well aware that the large and well-resourced company doesn't only have one pony in the race. It has a different treatment in its pipeline, PF-07976016, that's based on a different mechanism and is currently undergoing phase 2 clinical trials.Continue reading
On Tuesday, investors continued to snap up shares of big pharmaceutical company Pfizer (NYSE: PFE). Somewhat counterintuitively, this week's rise came after the company announced it was ending the development of a drug in a very hot product category. On Tuesday, Pfizer's stock closed the day 1.5% higher, providing a pleasant contrast to the S&P 500 index's 0.2% dip.
Tuesday was a relatively uneventful news day for Pfizer, especially following the pharmaceutical giant's disclosure on Monday that it halted the development of its investigational weight loss drug danuglipron. This occurred after a patient suffered a liver injury during the testing of the medication.
Yet Pfizer watchers are well aware that the large and well-resourced company doesn't only have one pony in the race. It has a different treatment in its pipeline, PF-07976016, that's based on a different mechanism and is currently undergoing phase 2 clinical trials.
