Here's Why Pfizer Fell 14% in June
Shares of Pfizer (NYSE: PFE) dropped 14.4% in June according to data provided by S&P Global Market Intelligence, which is a pretty substantial drop for a pharmaceutical giant with a current market cap of around $190 billion.
Much of the decline is tied to a clinical trial failure for Pfizer's breast cancer drug Ibrance, but investors also appear to have been spooked by chief business officer John Young's comments that imply the company isn't focused on making money off the COVID-19 vaccine it's developing with BioNTech (NASDAQ: BNTX).
The Pallas late-stage clinical trial was testing Ibrance plus adjuvant endocrine therapy in patients with early-stage breast cancer. A successful trial could have substantially increased the potential market for Ibrance, which is currently only approved for advanced or metastatic breast cancer.
Source Fool.com
