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
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