Why Pfizer Stock Is Tanking Today
Pfizer (NYSE: PFE) is having a rough session in early trading Monday. Specifically, the drugmaker's shares were down by 5.5% on heavy volume as of 10:24 a.m. ET Monday morning.
The big dip came after the company announced that it was discontinuing the development of the type 2 diabetes and obesity candidate lotiglipron over safety concerns. Lotiglipron belongs to a class of medications known as glucagon-like peptide-1 receptor agonists, or GLP-1 RAs for short.
The drug was being developed as a potentially safer and more effective alternative to the commercially available GLP-1 RAs from Eli Lilly (tirzepatide) and Novo Nordisk (semaglutide) in the weight loss setting. However, Pfizer halted the drug's clinical program after patients in a phase 1 study exhibited elevated liver enzyme levels.
Source Fool.com
Pfizer Inc. Stock
The stock is one of the favorites of our community with 32 Buy predictions and 4 Sell predictions.
As a result the target price of 40 € shows a very positive potential of 53.08% compared to the current price of 26.13 € for Pfizer Inc..
