Why Pfizer's Shares Are Slipping 7.6% Today

Shares are tumbling after Pfizer (NYSE: PFE) reported that its breast cancer drug, Ibrance, came up shy in a phase 3 trial evaluating its use alongside adjuvant endocrine therapy in early breast cancer patients. The stock is down 7.6% as of 12:40 p.m. EDT on Monday.

The healthcare giant announced disappointing results from its PALLAS study after the market closed on Friday, so today's the first day investors can weigh in on the news. Ibrance is already one of the most widely prescribed breast cancer drugs on the market, but hopes were high that Ibrance could gain even greater use if it met the mark as an early-line treatment option.

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Source Fool.com